World: The USDA lowered its soybean production forecast but raised its canola production forecast

In a December report, USDA experts lowered their forecast for world oilseed production by just 0.46 million tons to 661 million tons, due to a decline in the soybean crop in Brazil, which will be offset by an increase in canola crops in Canada and Australia. Compared to the November estimates, the December soybean balance for the 2023/24 MR underwent the following changes: According to the report, January soybean futures on the Chicago Stock Exchange fell 0.5% to $479.1/t (-1.8% compared to the date of the November report), while March futures traded at $486/t. At the same time, the USDA increased the forecast of world rapeseed production in 2023/24 MR by 1.4 to 87 (88.82) million tons, in particular for Canada – by 1 to 18.8 (18.7) million tons and Australia – by 0.4 to 5.5 (8) million tons. As a result, the rapeseed export forecast for Australia was increased by 0.2 to 4.4 million tons and Canada – by 0.2 to 7.7 million tons, while for Ukraine it was reduced by 0.2 to 3.45 ...