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USDA: new adjustments to soybean numbers

Porto Alegre - RS - Brazil 20230912

September soybean supply and demand report published by USDA.
USDA: soybean supply and demand report

Source: USDA

Model: attributed to the Noticias Agricolas website


The new report from the USDA (United States Department of Agriculture), this Tuesday (12), confirms a reduction in data for the American soybean harvest, cycle 2023/24.


Production:


There was a reduction in productivity from 57.04 to 56.15 bags per hectare, around 1.56% below, consequently reducing the production estimate from 114.44 to 112.84 million tons, corresponding to a drop of 1. 44%.

Planted and harvested area:


The USDA's monthly report brought a slight increase in the planted area to 33.83 million hectares, compared to the 33.79 million hectares reported in August.


There was also a small adjustment to the harvested area, remaining at 33.51 million hectares against the 33.47 million hectares estimated in August.


Exports:


In contrast to crop losses and a 1.56% reduction in harvest less than estimated in August, the USDA also brought a 1.91% reduction in US exports in this new season, corresponding to 48.72 million tons, compared to the 49.67 million tons estimated in August.


Crushing:


Crushing reduced approximately 0.45%, from 63.60 million tons predicted in August to 62.32 million tons, in the current report.


Ending stocks:


As a result of the adjustments, ending stocks were estimated at 5.99 million tons, around 10.19% below the last forecast of 6.67 million tons in August.


Other countries:


The USDA estimated an increase in Brazilian exports to 97 million tons, compared to the 96.50 million estimated in August. Final stocks were estimated at 3.73% below the numbers reported in August, standing at 38.70 million tons.


In Argentina, the difference lies in the increase in final stocks by 4.61%, reaching 24.95 million tons, compared to the 23.85 million tons estimated in August.


China, as a result of the 1% increase in imports, now estimated at 100 million tons, corresponding to 1 million tons above the last report, therefore, will have final stocks around 2.62% higher, configuring exactly 1 million tons more reported due to imports.

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