Forecasts of an increase in soybean production in the USA and Brazil in the new season

Published 2023년 3월 7일

Tridge summary

Soybean planting in the United States is expected to rise to 88.6 million acres for the 2023-24 season, up from 87.5 million acres the previous year, according to a Reuters poll. This shift is projected to boost soybean production to 4.510 billion bushels, a increase from 4.276 billion bushels, with stock levels rising to 290 million bushels by the end of the season. The average price of soybeans is anticipated to rise to $12.90/bushel, and domestic processing is expected to reach 2.310 billion bushels, with exports estimated at 2.025 billion bushels. Additionally, Brazil is expected to see a record soybean harvest of 154.663 million tons in 2023.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Analysts polled by the Reuters agency, on average, forecast the sown area of soybeans in the United States at the level of 88.6 million acres compared to 87.5 million acres in 2022, Agroperspectiva reports. The Ministry forecasts the total soybean production in the 2023/24 season. to 4.510 billion bushels (based on a yield of 52.0 bushels/acre compared to 49.5 bushels/acre a year earlier) compared to 4.276 billion bushels in the 2022/23 season. Transitional soybean stocks at the end of the 2023/24 season. estimated at 290 million bushels compared to 225 million bushels at the end of the 2022/23 season. The US Ministry of Agriculture predicts the average price of soybeans in the country in the 2023/24 season. at $12.90/bushel. The U.S. Food and Agriculture Organization predicts domestic soybean processing at 2.310 billion bushels. Soy ...

Source: Infoindustria