- Posted by Mateus Ramos
The final soybean stock for the season was forecast by the United States Department of Agriculture (USDA) at 3.81 million tons, up from the 3.59 million tons expected by analysts, according to TF Agroecômica. As for demand, the USDA predicted export in 2021/22 of 2.075 billion bushels (56.48 million tons) and crushing of 2.225 billion bushels (60.56 million tons).
“For the 2020/21 harvest, the USDA maintained its forecast for final stock at 120 million bushels (3.27 million tons). The market expected a reduction to 118 million bushels (3.21 million tons). However, the USDA left demand estimates stable, with the crushing at 2.190 billion bushels (59.61 million tons), and exports at 2.280 billion bushels (62.06 million tons), despite firm demand. in the last few months”, comments the consultancy.
In the report, the USDA also projected strong growth in the amount of US soybean oil that will be consumed by the biofuels industry. “The projection is that 12 billion pounds (5.44 million tons) of soybean oil will be used for biofuel in 2021/22, which represents an increase from 9.5 billion pounds (4, 31 million tonnes) in 2020/21. US production is also expected to increase, but only 430 million pounds (195.04 thousand tons), to 25.945 billion pounds (11.768 million tons). This deficit helped to sustain soybean futures at CBOT after the report was released”, he concludes.
By: Leonardo Gottems | Agrolink
This text was automatically translated from Portuguese.