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USDA - Supply & Demand - June 2023

Today, June 9, 2023, the USDA (United States Department of Agriculture) brought its new monthly supply and demand bulletin, with an increase in soybean ending stocks for both the old and new crops.

North American final stocks for the 2022/23 harvest were estimated at 6.26 million tons, against 5.85 million tons in the May bulletin. Final stocks for the 2023/24 harvest came to 9.53 million, also higher than the previous report, which was 9.12 million tons.

Both indicators were above the average of market expectations, which were 6.07 and 9.39 million tons, respectively.

In the other numbers of the new crop, the USDA did not bring any changes.

WORLD SOY

USDA estimates for world soybean production in the next harvest - 2023/24 - rose from 410.59 to 410.7 million tons, with stocks increasing from 122.5 to 123.34 million tons.

The Brazilian and Argentine productions were maintained at 163 and 48 million tons, respectively. China's soybean imports were also unchanged, still estimated at 100 million tonnes.

2022/23 Harvest - The 2022/23 world soybean harvest was projected at 369.57 million tons. Closing stocks were estimated at 101.32 million tons, against 101.04 million in the May bulletin.

The USDA also revised the Brazilian 22/23 soybean crop from 155 to 156 million tons, however, it maintained projected exports at 93 million. Argentine production fell from 27 to 25 million tons, however, exports increased from 3.3 to 3.8 million tons.




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