Attention turns to soybeans in South America

Published Sep 15, 2024

Tridge summary

The USDA's latest survey on soybeans shows a slight decrease in the global supply forecast, slightly falling short of market expectations for production and stocks. The North American soybean harvest is projected to be 4.586 billion bushels in 2024/25, with productivity at 53.2 bushels per acre. The global soybean crop for 2024/25 is estimated to be 429.2 million tons, with Chinese imports forecasted at 111.5 million tons for 2023/24, and 109 million tons for the next season. Weather conditions in Brazil and the US are expected to significantly impact the market in the coming months.

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

Original content

Data from the latest survey by the United States Department of Agriculture (USDA) for soybeans, released on Thursday (12), barely changed the picture of ample global supply of the oilseed. The figures came in slightly below market estimates for production and stocks and had a moderately positive impact on futures contracts on the Chicago Board of Trade (CBOT). The report indicated that the North American soybean harvest should be 4.586 billion bushels in 2024/25, equivalent to 124.8 million tons. Productivity was indicated at 53.2 bushels per acre. The number was below market expectations of 4.609 billion or 125.4 million tons. In August, the estimate was 4.589 billion bushels or 124.9 million tons. Productivity was estimated at 53.2 bushels per acre. Ending stocks are projected at 550 million bushels or 14.97 million tons. The market was betting on a carryover of 578 million bushels or 15.73 million tons. In August, stocks were estimated at 560 million bushels or 15.24 million ...

Source: CanalRural