\u00a0\u00a0\u00a0 Porto Alegre, October 14, 2020 \u2013 The USDA\u2019s October supply and demand report, released last Friday (9), focused the market\u2019s attention over the week. The release was long-awaited by market players, who expected mainly a major reduction in U.S. stocks for the 2020\/21 season, also due to a reduction in the 2019\/20 stocks indicated in the quarterly stocks report. USDA confirmed the market sentiment, but the size of the negative adjustment was higher than expected. Moreover, USDA also lowered the U.S. crop, which was also higher than expected. In light of these adjustments, the report was considered bullish, allowing Chicago to pick up strength.<\/p>\n\n\n\n
USDA indicated that the U.S. soybean crop\nis expected to hit 4.268 billion bushels in 2020\/21, equivalent to 116.16\nmillion tons, below the previous estimate of 4.313 billion or 117.4 million.\nThe market was projecting\n4.292 billion or 116.8 million tons.<\/p>\n\n\n\n
Final stocks are estimated at 290 million bushels or 7.9 million tons. The market expected carryover stocks of 360 million or 9.8 million tons. In the previous report, stocks were projected at 460 million bushels or 12.5 million tons.<\/p>\n\n\n\n
USDA estimated the crush at 2.180 billion\nbushels (59.33 million tons) and exports at 2.200 billion (59.87 million tons),\nrepeating the September estimate for the crush, but raising exports, previously\nprojected at 2.125 billion bushels (57.83 million tons).<\/p>\n\n\n\n
2019\/20 production is estimated at 3.552\nbillion bushels (96.67 million tons). Final stocks in 2019\/20 are projected at\n523 million bushels (14.23 million tons).<\/p>\n\n\n\n
For the world scenario, USDA projected the\nglobal soybean crop of 2020\/21 at 368.47 million tons. In September, the number\nwas 369.74 million tons.<\/p>\n\n\n\n
Final stocks are estimated at 88.7 million\ntons. The market expected final stocks of 90.9 million tons. In September, the\nforecast was 93.59 million tons.<\/p>\n\n\n\n
USDA projects the U.S. crop with 116.16\nmillion tons, as already mentioned. For Brazil, the forecast is for the production\nof 133 million tons, repeating the September\u2019s figure. Argentina should produce\n53.5 million tons, also without changes. The estimate for Chinese imports in\n2020\/21 is 100 million tons, up 1 million from the previous report.<\/p>\n\n\n\n
For 2019\/20, USDA indicated a crop of\n336.59 million tons. Final stocks are projected at 93.75 million tons, while\nthe market was betting on 94.7 million. The Brazilian crop had its estimate\nmaintained at 126 million tons.<\/p>\n\n\n\n
The Argentine crop was reduced from 49.7\nto 49 million tons. Chinese imports are projected at 97.4 million tons, against\n98 million forecast in September.<\/p>\n\n\n\n
Copyright 2020 – SAFRAS Latam<\/p>\n","protected":false},"excerpt":{"rendered":"
\u00a0\u00a0\u00a0 Porto Alegre, October 14, 2020 \u2013 The USDA\u2019s October supply and demand report, released last Friday (9), focused the market\u2019s attention over the week. The release was long-awaited by market players, who expected mainly a major reduction in U.S. stocks for the 2020\/21 season, also due to a reduction in the 2019\/20 stocks indicated […]<\/p>\n","protected":false},"author":6,"featured_media":9134,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[95],"tags":[],"commodity":[],"class_list":["post-20114","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-highlights-en"],"acf":[],"yoast_head":"\n