According to Geojit, The US Department of Agriculture has projected global oilseed output for 2023-24 (May-Apr) at 663.7 million tonnes, down from 667.3 million tonnes forecast in July. Production of oilseeds in the US has been scaled down by 3.6 million tonnes to 124.01 million tonnes this month, according to the agency’s report.
Geojit’s report on Agri Picks
The US Department of Agriculture has projected global oilseed output for 2023-24 (May-Apr) at 663.7 million tonnes, down from 667.3 million tonnes forecast in July. Production of oilseeds in the US has been scaled down by 3.6 million tonnes to 124.01 million tonnes this month, according to the agency’s report. The agency has projected global soybean output at 402.79 million tonnes, lower from 405.31 million tonnes estimated in the previous forecast. Brazil’s soybean crop is estimated at a record 163.0 million tons, unchanged from last month, and Argentina’s is seen at 48.0 million tons, also unchanged, according to the report. The agency has estimated soybean production in the US at 114.45 million tons, lower from 117.03 million tonnes last month. Brazil is the world’s top producer of soybean followed by the US and Argentina. “The US season-average soybean price for 2023/24 is forecast at $12.70 per bushel, up $0.30 from last month,” the agency said in its report. The estimate for global soyoil production for 2023-24 has been further revised downwards this month to 61.96 million tonnes from 62.07 million tonnes projected in July. The estimate for global soyoil exports in 2023-24, too has been marginally revised lower to 11.61 million tonnes from 11.62 million tonnes. The department projected global soymeal output for 2023-24 at 258.66 million tonnes, down from 259.23 million tonnes estimated last month. Soymeal is a derivative of soybean, manufactured by crushing the oilseed, and is mainly used in producing poultry feed. The US Department of Agriculture expects global cotton production in 2023-24 (Aug-Jul) to fall by 2.72 million bales to 114.12 million bales. The decline in output is due to extreme heat, reduced yield, and higher abandonment of cotton cultivation in the US and Uzbekistan, said the report. The agency has projected global cotton consumption to rise by 490,000 bales to 116.94 million bales due to increases in China and Turkey. Consumption in China is seen rising 500,000 bales to 37.5 million bales and in Turkey it is seen up 100,000 at 8.0 million bales. As a result, the global ending stock is seen lower by 2.9 million bales at 91.60 million bales, it said. Cotton production in India and Brazil in 2023-24 is seen steady at 25.5 million bales and 13.2 million bales, respectively. Production is Pakistan too is seen steady at 6.5 million bales. Consumption in India and Brazil is estimated to be steady at 24.5 million bales and 3.3 million bales, respectively. Consumption in Pakistan is also seen steady at 10.0 million bales. World trade is seen higher by 390,000 bales at 43.88 million bales due to increases in imports by China and Turkey. Exports are also projected to rise by 350,000 bales to 43.86 million bales as increases in exports from Brazil and Australia. The USDA has projected cotton exports from India in 2023-24 steady at 2.2 million bales from the previous month’s projections. Cotton ending stocks in India is seen higher at 12.0 million bales in 2023-24, up from the previous projection of 11.9 million bales, the report said.
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