The USDA in May trimmed Brazil’s soy crop by 1 million tonnes from April due to flooding in the southern state of Rio Grande do Sul, and a heftier cut was expected today amid rising production loss estimates from that state.
Global soybean ending stocks for 2023-24 are pegged at 111.07 million tonnes this month, down only slightly from 111.78 million in May and still above the average trade guess of 110.33 million. Projected new-crop world soybean ending stocks, at 127.9 million tonnes, were lowered from 128.5 million in May but are still a bit heavier than expected.
At US$12.55/but the average expected 2023-24 soybean price is unchanged from last month, while the new-crop estimate of $11.20 is also steady. New-crop soybean meal and oil prices are unchanged from last month as well, at $330/short ton and 42 cents/lb, respectively.
Source : Syngenta.ca