Agri Picks Report September 16, 2024: Geojit Financial Services

commodities

Geojit Financial Services's report on Daily Agri Picks

The US Department of Agriculture has lowered its global oilseed output estimate for 2024-25 (May-Apr) by 3.1 mln tn to 687.42 mln tn in September, from 690.54 mln tn forecast last month. The decrease can be attributed to lower groundnut, cottonseed production in the US and lower rapeseed and sunflower production this month in the European Union and Ukraine, the report said. Production of oilseeds in the US in 2024-25 is seen at 134.71 mln tn, nearly the same as 135 mln tn during the last month, the department said in its monthly report. Global ending stocks of oilseed in 2024-25 are pegged at 151.14 mln tn, up from 150.63 mln tn projected last month, according to the report. The department projected that global soybean output was up on month in September by 47,000 tn 429.20 mln tn, the report said. Soybean production forecasts for Argentina, China, and Brazil remain unchanged from last month. Production in Argentina and China was steady at 51.0 mln tn and 20.7 mln tn, respectively, according to the report. However, Paraguay's production of soybeans in 2024-25 rose slightly to 11.20 mln tn from 10.7 mln tn, a month ago. Global soybean exports for 2024-25 rose to nearly 182 mln tn from 181 mln tn the previous month on higher exports from Paraguay, the report said. Global ending stocks of soybean in 2024-25 are pegged at 135 mln tn, up from 134 mln tn. The season-average US soybean price in 2024-25 is forecast to be unchanged at $10.80 per bushel. Similarly, the soybean meal and soyoil prices are also unchanged at $320 per short tn, and 42 cents per pound, respectively, the agency said in its report. The US government agency sees global soybean meal output in 2024-25 at 271.95 mln tn, a tad up from 271.87 mln tn last month. Soybean meal is a derivative of soybean, manufactured by crushing oilseeds, and is mainly used in producing poultry feed. Meanwhile, India's production of soybean meal has been projected at 880,000 tn in 2024-25, unchanged from last month, the report showed. Production in 2023-24 has been estimated at 904,000 tn. India is one of the largest importers of soyoil and an exporter of soybean meal.

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16092024 - co