Global soy production will increase by 100,000 tons compared to the December forecast, to a rounded 399 million tons. This is stated in the most recent Wasde report, published last Friday, for the 2023-2024 season.
Higher production is expected In countries such as the US, Argentina, Russia and China. Whereas in Brazil, this has been adjusted downwards in a number of production areas as a result of weather conditions. Global closing stocks are estimated at 114.6 million tons, an increase of 0.3%. Sunflower seed production has been adjusted downwards, due to lower production in the EU and Argentina, among others.
Global oilseed production for 2023-2024 is estimated at 660 million tons, down 0.1% from December. More than a fifth of this comes from the US. Yields of soy, rapeseed and sunflower seed crops have been valued slightly higher there, while those of peanuts and cottonseed have been adjusted downwards.
After the Wasde report was released, soybean prices on the Chicago Stock Exchange fell to almost $ 12 before largely recovering. Soy prices have been showing a downward trend for months and the report could have boosted that. Analysts do not rule out that there is now a bottom in the market. Rapeseed prices are showing an equal to slightly upward movement; on Matif around € 426 per ton for contract May 2024.