Agri Picks Report October 16, 2023: Geojit

commodities

Geojit's report on Agri Picks

The US Department of Agriculture has cut its estimate on global oilseed output for 2023-24 (May-Apr) to 659.36 mln tn, down 1.53 mln tn from 660.89 mln tn forecast a month earlier. The department has lowered global oilseed production, excluding the US, by 200,000 tn to 538.5 mln tn because of lower soybean and peanut output for India and lower canola production for Canada, which was partially offset by higher rapeseed production for Poland and higher sunflower seed production for Argentina, the department said in its World Agricultural Supply and Demand Estimates report for October. "India soybean production is lowered by 1.0 mln tn to 11.0 mln tn, as near-record rains in September along with the historically dry conditions in August negatively impacted yields," the agency said. It has lowered global soybean exports for 2023-24 by 200,000 tn to 168.2 mln tn due to lower exports from the US, which was partly offset by higher exports from Brazil. Global ending stocks of soybean in 2023-24 are pegged at 115.6 mln tn, down 3.6 mln tn from September, because of low stocks in China, Brazil, and India. Production of oilseeds in the US in 2023-24 has been scaled down by 1.31 mln tn to 120.9 mln tn, according to the department's latest report. The department has projected global soybean output at 399.5 mln tn, down 1.83 mln tn from 401.33 mln tn in the earlier forecast. Soybean output from Brazil and Argentina is projected at a record 163.0 mln tn and 48.0 mln tn, respectively, both unchanged from last month. The department has estimated soybean production in the US at 111.7 mln tn, down 1.14 mln tn from 112.84 mln tn projected last month. Brazil is the world's largest producer of soybean followed by the US and Argentina. "The US season-average soybean price for 2023-24 is unchanged at $12.90 per bushel. The soybean meal price is unchanged at $380 per short ton (907.185 kg) and the soybean oil price are unchanged at 63 cents per pound," the agency said in its report. The estimate for global soyoil production for 2023-24 has been increased by 0.14 mln tn to 61.75 mln tn from 61.61 mln tn projected in September. The forecast for global soyoil exports in 2023-24, however, has been marginally raised to 11.70 mln tn from 11.62 mln tn. The USDA sees global soymeal output in 2023-24 at 257.88 mln tn, up 580,000 tn against 257.30 mln tn forecast last month. Soymeal is a derivative of soybean, manufactured by crushing the oilseed, and is mainly used in producing poultry feed. • The southwest monsoon has withdrawn from Jharkhand, Chhattisgarh, Odisha, and gangetic West Bengal, said the India Meteorological Department in an update on Friday. The monsoon has also withdrawn from most parts of Telangana, some more parts of north interior Karnataka, some parts of sub-Himalayan West Bengal, Bihar, and coastal Andhra Pradesh, the bureau said.

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06102023 - comm