USDA reduces production of global soybean stocks

The United States Department of Agriculture (USDA) released today its new supply and demand report for agricultural products and ended up reducing the prospects for production and ending stocks of soybeans in the world. In this context, the estimate of global soybean production fell from 383.01 million tons to 375.15 million and stocks were reduced from 102.03 million to 100.01 million tons. For Brazil, production was unchanged, but ending stocks fell and exports were revised upwards. Thus, Brazilian corn production should remain at 153 million tons, as in the previous report, with stocks rising from 32.22 million to 31.54 million tons and foreign sales rising from 92 million to 92.7 millions of tons. In the case of Argentina, all items analyzed were reduced in this report, when compared to last month. Going to the numbers, Argentine soybean production is expected to drop from 41 million to 33 million tons, with ending stocks rising from 22.4 million to 19.8 million tons and ...