This Wednesday the agricultural estimates report to be published by the United States Department of Agriculture (USDA) will be released, and the average of private projections placed the volume of the final 2021/2022 stock at 7.57 million tons of soybeans, compared to the 8.84 million calculated by the agency in February.
This cut in US ending stocks is what pushes the oilseed up and brings it very close to its all-time high of September 4, 2012.
also exists the possibility that the United States replaces the shortages of sunflower, wheat, corn, as a result of the war in Ukraine, by soybean oil and flour, will reduce grains for export to be used for milling.
What’s more, the USDA report would reduce not only stocks in the United States, but also its estimates for soybean crops in Brazil and Argentina, from the 134 and 45 million tons forecast last monthrespectively.
For its part, The Rosario Stock Exchange (BCR) has already published its latest estimate on soybean production and placed it at 40.50 million tons.
The Buenos Aires Cereal Exchange did the same, although with a more optimistic forecast of 42 million tons. For its part, the Brazilian Ministry of Agriculture projected the volume of soybean production at 112.34 million tons.
Source: Ambito
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