INDIA’S SOYBEAN CROP REVISED UPWARD
While El Niño remains a wild card for India, soybean production is expected to reach 12 million tonnes in marketing year 2023-24, harvested from 12.8 million hectares, according to a report from FAS. “Experts are predicting El Niño will have a more significant impact in India in 2024, which could affect a majority of the crops, including oilseeds,” the FAS said. India’s soybean oil production for 2023-24 is 1.7 million tonnes, a slight decrease from 2022-23. The import of edible oils in 2023-24 decreased to 15 million tonnes in the current marketing year. The top three vegetable oil imports — palm, soybean, and sunflower seed — decreased by respectively 6.5%, 15.4%, and 6.9%. India’s soymeal production forecast for 2023-24 is 7.55 million tonnes, which is lower than 2022-23. Soybean stocks for 2023-24 are forecasted to be ending higher at 1.4 million tonnes as farmers are expected to hold onto soybean oilseeds to attain favorable pricing. Crush is forecasted at 9.8 million tonnes, about 5% lower than 2022-23.
(Link: WorldGrain)
FAO: GLOBAL CEREAL PRICES DECLINE IN NOVEMBER
According to a report released on Dec. 8, International prices of coarse grains dropped by 5.6% in November, led by a sharp fall in corn prices, while wheat prices declined by 2.4%, the FAO said. Its All-Rice Price Index remained stable month-on-month amidst contrasting price movements across different origins and market segments. World cereal production in 2023 is now pegged at 2.823 billion tonnes, up 0.9% from the previous year. Upward revisions were made for wheat output in the Russian Federation and Turkey, and for corn in the United States, while production forecasts were reduced somewhat for Argentina and Brazil. Forecasts for corn production were trimmed for the European Union and Mexico. The FAO also expects global rice production in 2023-24 to rise by 0.8% from the previous marketing season. World cereal total utilization in 2023-24 is forecast at 2.813 million tonnes, 1.1% higher than in 2022-23. World cereal stocks by the end of the 2023-24 season are predicted to rise by 2.7% above their opening level and mark a new record high. World trade in cereals in 2023-24 is forecast to contract slightly to 468.4 million tonnes, down 1.8% from the 2022-23 level.
(Link: WorldGrain)
