Sunday, January 29, 2023
spot_img
HomeFoodUS soybean crop seen improving after recent favorable weather in Midwest

Subscribe

To our FREE newsletter
Get all the latest maritime news delivered straight to your inbox.

US soybean crop seen improving after recent favorable weather in Midwest

The outlook for the US soybean crop is improving after recent rains in the Midwest raised prospects for the yield and production.

While the US Department of Agriculture on Sept. 10 raised its MY 2021-22 production estimate by 35 million bu from August to 4.374 billion bu, S&P Global Platts Analytics is looking for 4.5 billion bu. The USDA also increased its estimate of the yield for the 2021-22 marketing year (September-August) by 0.6 bu/acre to 50.6 bu/acre, while Platts Analytics puts the yield at 51 bu/acre.

The USDA sees the US soybean crush for MY 2021-22 at 2.180 billion bu, down 25 million bu from August, while Platts Analytics sees it at 2.250 billion bu. The USDA cited a lower forecast for domestic soybean meal disappearance.

US soybean exports are forecast at 2.09 billion bushels, up 35 million bu from August due to increased supplies and lower prices, while Platts Analytics expects shipments of 2.1 billion bu.

According to the USDA report, the US soybean ending stocks for MY 2021-22 was raised 30 mil bu from August to 185 million bu. That is lower than the Platts Analytics estimate of 215 million bu.

Compared with Platts Analytics estimates of $13/bu, the US season-average soybean price for MY 2021-22 is forecast at $12.90/bu, down 80 cents from last month, the USDA said.

Soybean complex
The US soybean meal production estimates for 2021-22 were seen at 51.4 million st, down 0.65 million st on the month, while the ending stocks was held steady on August estimates at 500,000 st, the USDA said.

The soybean meal price is forecast at $360/st, down $25/st on the month, according to the report.

The US soybean oil production was estimated at 25.4 billion lb, down 0.290 billion lb, while the soybean oil price forecast was unchanged at 65 cents/lb.

The 2021/22 foreign oilseed supply and demand forecasts include higher beginning stocks and lower production, exports, and crush, according to the USDA report. Higher beginning stocks for China and higher U.S. ending stocks account for most of the global 2021-22 soybean ending stocks increase, which were raised 2.7 million mt to 98.9 million mt, the USDA said. Another notable oilseed change includes higher soybean meal imports for India as the government allows shipments of soybean meal made from genetically modified soybeans through Oct. 31, it said.

Source: Platts

Related Posts

Video

Finance & Economy
Shipping News
Ports

Oaktree looking at block sale of existing shares in Hafnia Limited

OCM Luxembourg Chemical Tankers S.à r.l. which is ultimately controlled by funds managed by Oaktree Capital Management L.P. (the "Seller") has retained Fearnley Securities,...

John Fredriksen Increases Stake in Euronav

Norwegian billionaire John Fredriksen has once again increased his stake in Belgian tanker company Euronav in wake of Frontline’s termination of its combination agreement...

First Citizens Bank Arranges $44.2 Million of Debt Financing for Navios Partners

First Citizens Bank announced that its Maritime Finance group, part of the CIT division, served as sole lead arranger on $44.2 million in debt...

Eagle Bulk Appoints Kate Blankenship to Board of Directors

Eagle Bulk Shipping Inc., one of the world’s largest owner-operators within the midsize drybulk vessel segment, announced that it has appointed A. Kate Blankenship...

Golar LNG: Unwind of majority of TTF hedges of 2023 and 2024 Dutch Title Transfer Facility exposure

Golar LNG Limited (“Golar”) announced that it has unwound the majority of its swap arrangements for its Dutch Title Transfer Facility (“TTF”) linked production...

Baltic index hits fresh multi-year lows on capesize dip

The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk...

Baltic index falls for seventh session on lower capesize demand

The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk...

Baltic index hits fresh 2-1/2-year low as larger vessel rates slip

The Baltic Exchange’s main sea freight index extended losses to a sixth straight session...

Baltic index down for fifth day on lower vessel rates

The Baltic Exchange’s main sea freight index fell for the fifth straight session on...

Maritime UK: Net Zero Review published

On 13 January, the Department for Business, Energy and Industrial Strategy (BEIS) published the...

Port of Long Beach Closes 2022 with Second-Busiest Year

The Port of Long Beach marked its second-busiest year on record by moving 9.13 million twenty-foot equivalent units in 2022, allowing for a return...

Hapag-Lloyd AG acquires share in J M Baxi Ports & Logistics Limited

Hapag-Lloyd AG signed a binding agreement today under which it will acquire 35% of J M Baxi Ports & Logistics Limited (JMBPL) from a...

Nigeria opens ‘game changer’ billion-dollar deep seaport

Nigeria opened a billion-dollar Chinese-built deep seaport in Lagos on Monday, which is expected to ease congestion at the country’s ports and help it...

SC Ports handles nearly 3 million TEUs in record 2022

South Carolina Ports had a record 2022 with the most containers ever handled at the Port of Charleston. SC Ports moved nearly 2.8 million TEUs...

January oil loadings from Russia’s Baltic ports set to jump 50% vs Dec

Urals and KEBCO crude oil loadings from Russia’s Baltic ports of Primorsk and Ust-Luga in January are set to rise by 50% from December...