Corn and soybeans: projections for 2023/2024 USDA - January 2024

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Graph 1. Harvest projection for the world's main corn and soybean producers - 2023/24 versus harvest year 2022/23. Prepared by the Department of Economics and Market Intelligence with data from FAS – USDA;

 

 

In relation to the December report, estimates for world corn production were updated and the projection for Brazilian soybean production was again reduced, while those for Argentina and the United States were increased, keeping the global estimate for the oilseed harvest intact. .

Here are highlights from the latest cereal and oilseed estimates reports published by the USDA on January 12:

Corn

World corn production for the 2023/24 harvest is expected to reach 1235.7 million tonnes (Mt), an increase of 6.9 percent compared to the 2022/23 season (1155.6 Mt).

For the United States, production would be around 389.7 Mt, an increase of 12.4% compared to the previous season (346.7 Mt), while China would increase its harvest by 4.2%, reaching 288.8 Mt. For its part, the European Union would grow 14.7% with 60.1 Mt, while Ukraine, with 30.5 Mt, would show an increase of 13.0%.

For Brazil, production would reach 129 MT, which would represent a decrease of 5.8% compared to the previous season, while for Argentina, the harvest would reach 55 MT, an increase of 61.8% compared to the previous season. previous.

World grain exports would increase by 11.1%, going from 180.8 MT in the 2022/23 season to 200.9 MT in this new cycle, with the United States being the second largest exporter of the grain with 53.3 MT, which would mean an increase of 26.4% compared to the previous season.

The exportable supply from South America would show a significant increase on the part of Argentina, as it would increase 78.3% in this new cycle, with 41.0 million tons, while for Brazil an estimated 54 million tons, which would represent a decrease of 5.3% compared to the previous season.

China would require corn imports of 23 million tonnes, which means an increase of 22.9% compared to the previous season (18.7 million tonnes), while the European Union would import 23.5 million tonnes, or that is, 1.5% more than in the 2022/23 season (23.2 million tons).

Final stocks would increase by 8.2% worldwide, to 325.2 Mt. In fact, for the United States, stocks would increase by 58.9%, while for Brazil they would decrease by 32.1%.

Soy

World soybean production for the 2023/24 harvest would increase by 6.3% compared to the previous harvest, from 375.4 to 399.0 million tons.

Estimates for harvests in South America show a decrease of 1.9% for Brazil, which would reach 157 Mt, while Argentina is expected to increase 100.0% with 50.0 Mt.

Paraguay would increase its production by 5.6% compared to the 2022/23 season (9.8 Mt), reaching a harvest of 10.3 Mt.

In this new report, a harvest of 113.3 Mt is estimated for the United States, which refers to a decrease of 2.5% compared to the 2022/23 cycle, when it reached 116.2 Mt at that time.

Export activity would be led by Brazil with 99.5 MT, growing 4.2% in relation to the previous cycle (95.5 MT), while the United States would reach an export volume of 47.8 MT, a value that represents a decrease of 11.9% compared to the last harvest (54.2 MT).

For Argentina, exports are projected at 4.6 million tons, which would mean an increase of 9.9% compared to the 2022/23 season (4.2 million tons).

China would import 102 million tons, 1.1% more than in the previous campaign.

Global oilseed ending stocks would increase by 12.5% ​​to 114.6 million tonnes, supported by increases in stocks in Argentina, China and Brazil.

Editorial 333 Latin America with data from USDA | U.S. https://apps.fas.usda.gov/