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USDA - Supply & Demand

The USDA (United States Department of Agriculture) brought its first projections for the 2023/24 crop in the monthly supply and demand bulletin for May, reported this Friday (12). Although the numbers are strong and higher than the previous harvest for the North American scenario, they came in line with market expectations.

The USDA has estimated Brazil's 2023/24 soybean crop at a staggering 163 million tonnes and exports could reach 96.5 million tonnes. And for the 2022/23 harvest, it made an adjustment from 154 to 155 million tons, while maintaining foreign sales at 93 million.

Global soy production was estimated at 410.59 million tonnes, against the most recent 22/23 crop figure of 370.42 million. Closing stocks, in turn, were estimated at 122.5 million tons, within the range of expectations of 99.5 to 134 million, but above the expected average of 108.07 million tons.

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