Agri Picks Report March 13, 2024: Geojit

commodities

Geojit's report on Daily Agri Picks

The US Department of Agriculture has cut its monthly estimate for global oilseed output for 2023-24 (May-Apr) to 658.68 mln tn from 659.40 mln tn forecast in February. Production of oilseeds in the US in 2023-24 was seen steady from last month's estimate at 122.37 mln tn, the department said in its monthly report. Global ending stocks of oilseed in 2023-24 are pegged at 131.36 mln tn, down 2.01 mln tn from the estimate in February, according to the report. Global 2023-24 soybean supply and demand forecasts include higher beginning stocks, lower production, lower crush, higher exports, and lower ending stocks compared to last month, the report said. The department has projected global soybean output at 396.85 mln tn, down 1.36 mln tn from the previous month. The department has kept the outlook for US soybean production at 113.34 mln tn, unchanged from the previous month's estimate. Soybean production forecasts for Argentina, the US, China and Paraguay remain unchanged from last month, while Brazil's production is projected to dip. Production in Argentina and Paraguay were steady at 50.0 mln tn and 10.3 mln tn, respectively, according to the report. However, Brazil's production of soybean in 2023-24 has been scaled down by 1 mln tn from February at 155.0 mln tn as "harvest results in Parana and poor weather conditions in So Paulo offset by favourable conditions in the north and Rio Grande do Sul," USDA said in the report. Brazil is the world's largest producer of soybeans, followed by the US and Argentina. Global soybean exports for 2023-24 are up 3.04 mln tn at 173.61 mln tn on higher shipments from Brazil, according to the report. Global ending stocks of soybean in 2023-24 are pegged at 114.27 mln tn, down 1.76 mln tn from last month's projection on lower stocks for Brazil. The US season-average soybean price forecast (for 2023-24) is unchanged at $12.65 per bushel, soybean meal price is also projected unchanged at $380 per short tn, and soybean oil price is forecast at 49 cents per pound, down 2 cents, the agency said in its report. The US government agency sees global soybean meal output in 2023-24 down at 257.76 mln tn from 258.52 mln tn last month. Soybean meal is a derivative of soybean, manufactured by crushing oilseeds, and is mainly used in producing poultry feed.

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13032024 - co