In their July report, Conab analysts lowered their forecast for Brazil’s 2023/24 soybean production by 1.2 million tons to 154.6 million tons (125.5 in 2022/23).
– In their July report, USDA analysts forecast a global soybean production of 405.3 million tons (410.7 in June and 369.7 in 2022/23), including 117 million tons in the United States (122.5 and 116.3), and 6.7 million tons in Canada (6.5 and 6.5). The global soybean exports will amount to 169.3 million tons (172.4 and 168.9), including 4.5 million tons in Canada (4.3 and 4.3). Global ending stocks will reach 120.9 million tons (123.3 and 102.9), including 40.3 million tons in Brazil (40.8 and 33), 23.7 million tons in Argentina (23.9 and 17.5), and 8.1 million tons in the United States (9.5 and 6.9).
– Stratégie Grains has lowered its forecast for the wheat production in the EU for 2023/24 by 2.5 million tons to 126.2 million tons. The barley production will reach 47.1 million tons (-0.8 and 51.2), and the corn production is estimated at 60.8 million tons (-0.4 and 52.2).
– On Thursday, commodity funds in Chicago were net sellers of 10,500 corn contracts, 10,000 soybean contracts, and 9,000 wheat contracts.
– In their July report, analysts from Conab have lowered their forecast for the soybean production in Brazil for 2023/24 by 1.2 million tons to 154.6 million tons (125.5 in 2022/23). Despite the decrease, the production remains at a record high level. Domestic soybean consumption in Brazil will be 56.7 million metric tons (+0.5 and 51.3), and ending soybean stocks are projected at 7.4 million metric tons (-0.1 and 4.7). Soymeal production will reach 40.4 million tons (+0.3 and 37.5), exports are expected at 21.8 million tons (+0.8 and 20.4), and soyoil production is estimated at 10.6 million tons (+0.1 and 9.3). The 2022/23 corn production will be 127.8 million tons (+2.1 and 113.1), including first corn production of 27.4 million tons (+0.3 and 25) and the second corn production of 98 million tons (+1.7 and 85.9). Corn consumption will reach 79.4 million tons (+0.1 and 74.5), and ending stocks are expected to reach 10.3 million tons (+0.2 and 8.1).
– Anec has increased its soybean export forecast from Brazil for June by 1.1 million tons to 10.5 million tons (14.2 in June and 7 in July 2022). During the month, soymeal exports will reach 2.5 million tons (+0.2, 2.3, and 2.1), and corn exports are expected to reach 6.9 million tons (+0.6, 1.2, and 5.6).
– In June, China imported 10.27 million tons of soybeans (+24.5% compared to June 2022). Imports are expected to be 10-11 million tons in July. Over the period of January-June 2023, soybean imports reached 52.58 million tons (+13.6%).
– Algeria has purchased milling wheat at prices of 269-269.5 USD/ton C&F with delivery in August.
