Overview of the global grain and soybean market on July 2023

Soybean

India

Oats

Pakistan

Published Jul 24, 2023

Tridge summary

The total cereals production for 2023/24 is projected to increase due to improved performance in corn and sorghum, although wheat, barley, and oats are expected to decline. Consumption and end-of-year stocks are estimated to remain stable, while world trade is expected to be consistent. The soybean supply and demand forecast for 2022/23 remains largely unchanged, with a slight decrease in production and consumption. Rice production is projected to increase in 2023/24, with improved forecasts for India, Thailand, and the US. Global grain production and consumption are expected to reach record highs, while rice stocks are anticipated to decline. Global soybean production is expected to reach a record high, while consumption is projected to decrease. Trade volumes are expected to increase. Global chickpea consumption and trade are also projected to rise steadily. Overall, global trade in all pulses is forecasted to reach a three-year high.

Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

Summary, Highlights Total cereals (wheat and coarse grains) production in 2023/24 is projected to be 2,297 million tonnes, up 5 million m/m (m/m), as improved performance in corn and sorghum, driven mainly by increased acreage in the US, outweighs declines in wheat, barley and oats. Consumption is estimated at 2,306 Mt as before and, with slightly lower carry-over stocks, projected end-of-year stocks (cumulative for the respective local marketing years) will increase by 4 Mt to 581 Mt. The outlook for world trade remains stable on a monthly basis at 408 million, oilworld.ru reports citing IGC. The Board's expectations for soybean supply and demand in 2022/23 are largely unchanged from June. World production forecast for 2023/24 is cut by 2m tonnes, mainly due to a lower figure for the US, which is in line with marginally lower consumption and stock forecasts, although both should rise significantly year on year. Partly reflecting the prospect of shrinking US export opportunities, ...

Source: Oilworld