The USDA\u2019s\nJuly monthly supply and demand report, released on Friday (10), brought some\nsurprises to the market. Although the Department indicated adjustments in the\nsame direction expected by the market, their size was different than expected.\nUSDA raised U.S.\nproduction and stocks for the 2020\/21 season as well as the 2019\/20 season stocks.\nThe market considered the numbers bearish in general, even with minor increases\nfor the new season.<\/p>\n\n\n\n
USDA\nindicated that the U.S.\nsoybean crop is expected to stand at 4.135 billion bushels in 2020\/21,\nequivalent to 112.54 million tons, above the previous estimate of 4.125 billion\nor 112.26 million. The market was betting on a crop of 4.167 billion or 113.4\nmillion tons.<\/p>\n\n\n\n
Final\nstocks are estimated at 425 million bushels or 11.57 million tons. The market\nbet on carryover of 443 million or 12.06 million tons. In the previous report,\nstocks were projected at 395 million bushels – 10.75 million tons.<\/p>\n\n\n\n
USDA\nindicated the crush at 2.160 billion bushels (58.79 million tons) and exports\nof 2.05 billion (55.79 million tons). In June, the projections were 2.145\nbillion (58.38 million tons) and 2.05 billion (55.79 million tons),\nrespectively.<\/p>\n\n\n\n
The 2019\/20\nproduction is estimated at 3.552 billion bushels (96.67 million tons). Final\nstocks in 2019\/20 are projected at 620 million bushels (16.87 million tons),\nwhile the market was betting on 589 million (16.03 million tons). In the\nprevious report, the figure was 585 million (15.92 million tons). Crush is\nestimated at 2.155 billion (58.65 million tons), and exports at 1.65 billion\nbushels (44.90 million tons).<\/p>\n\n\n\n
As for the\nworld scenario, USDA projected the world soybean output in 2020\/21 at 362.52\nmillion tons. In June, the number was 362.85 million tons.<\/p>\n\n\n\n
Final\nstocks are estimated at 95.08 million tons. The market expected final stocks of\n97.7 million tons. In June, the forecast was 96.34 million tons.<\/p>\n\n\n\n
USDA\nprojects the U.S.\noutput at 112.54 million tons, as already mentioned. For Brazil, the forecast is for a\nproduction of 131 million tons. Argentina\nis expected to produce 53.5 million tons. The estimate for Chinese imports in\n2020\/21 is 96 million tons.<\/p>\n\n\n\n
For\n2019\/20, the USDA indicated a crop of 337.14 million tons. Final stocks are\nprojected at 99.67 million tons, while the market was betting on 99.5 million.\nThe Brazilian production had its estimate raised from 124 to 126 million tons.\nThe market had predicted 123.4 million.<\/p>\n\n\n\n
The\nArgentine crop was maintained at 50 million tons, meeting the market\nexpectations. Chinese imports were increased from 94 to 96 million tons.<\/p>\n","protected":false},"excerpt":{"rendered":"
The USDA\u2019s July monthly supply and demand report, released on Friday (10), brought some surprises to the market. Although the Department indicated adjustments in the same direction expected by the market, their size was different than expected. USDA raised U.S. production and stocks for the 2020\/21 season as well as the 2019\/20 season stocks. The […]<\/p>\n","protected":false},"author":6,"featured_media":9126,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[95],"tags":[],"commodity":[],"class_list":["post-16954","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-highlights-en"],"acf":[],"yoast_head":"\n