Porto Alegre,\nAugust 18, 2020 \u2013 The August supply and demand\nreport from the U.S. Department of Agriculture, released on the 12th, surprised\nthe market by bringing major positive adjustments to U.S. crop and stock\nestimates for the 2020\/21 season. Although the market was already waiting for\npositive adjustments, they exceeded most projections.<\/p>\n\n\n\n
USDA indicated that the U.S. soybean crop is expected to\nstand at 4.425 billion bushels in 2020\/21, equivalent to 120.43 mln tons, above\nthe previous estimate of 4.135 billion or 112.54 mln. The market was betting on\nthe production of 4.278 billion or 116.43 mln tons. If confirmed, it will be\nthe second-largest soybean crop in the U.S. history, just behind the\n2018\/19 crop, whose production hit 120.5 mln tons.<\/p>\n\n\n\n
Final stocks are estimated at 610 mln\nbushels or 16.6 mln tons. The market was betting on carryover stocks of 527 mln\nor 14.34 mln tons. In the previous report, stocks were projected at 425 mln\nbushels \u2013 11.57 mln tons.<\/p>\n\n\n\n
USDA indicated the crush at 2.180 billion\nbushels (59.33 mln tons) and exports at 2.125 billion bushels (57.83 mln tons).\nIn July, the projections were 2.160 billion (58.79 mln tons) and 2.05 billion\n(55.79 mln tons), respectively.<\/p>\n\n\n\n
The 2019\/20\nproduction is estimated at 3.552 billion bushels (96.67 mln tons). Final stocks\nin 2019\/20 are projected at 615 mln bushels (16.74 mln tons), as expected. In\nthe previous report, the number was 620 mln (16.87 mln tons). The crush is\nestimated at 2.16 billion (58.79 mln tons), and exports at 1.65 billion bushels\n(44.91 mln tons).<\/p>\n\n\n\n
Concerning the world scenario, USDA\nprojected the global soybean crop in 2020\/21 at 370.4 mln tons. In July, the\nnumber was 362.52 mln tons.<\/p>\n\n\n\n
\nFinal stocks are estimated at 95.36 mln tons. The market expected final\nstocks of 98.2 mln tons. In July, the forecast was 95.08 mln tons.<\/p>\n\n\n\n
\nUSDA projects the U.S.\ncrop with 120.4 mln tons, as already mentioned. For Brazil, the forecast is for a\nproduction of 131 mln tons. Argentina\nmust produce 53.5 mln tons. The estimate for Chinese imports in 2020\/21 is 99 mln\ntons, against 96 mln in the previous year.<\/p>\n\n\n\n
\nFor 2019\/20, USDA indicated a crop of 337.28 mln tons. Final stocks are\nprojected at 95.85 mln tons, while the market was betting on 98.6 mln. The\nBrazilian crop had its estimate maintained at 126 mln tons. The market had predicted\n125.4 mln.<\/p>\n\n\n\n
\nThe Argentine crop was reduced from 50 to 49.7 mln tons, while the\nmarket had estimated 49.9 mln. Chinese imports were increased from 96 to 98 mln\ntons.<\/p>\n\n\n\n
Copyright 2020 – SAFRAS Latam<\/p>\n","protected":false},"excerpt":{"rendered":"
Porto Alegre, August 18, 2020 \u2013 The August supply and demand report from the U.S. Department of Agriculture, released on the 12th, surprised the market by bringing major positive adjustments to U.S. crop and stock estimates for the 2020\/21 season. Although the market was already waiting for positive adjustments, they exceeded most projections. […]<\/p>\n","protected":false},"author":6,"featured_media":18240,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[95],"tags":[],"commodity":[],"class_list":["post-18237","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-highlights-en"],"acf":[],"yoast_head":"\n