IGC: WORLD SOYBEAN OUTPUT UP 7% YEAR ON YEAR
IGC revised global soybean production higher in marketing year 2023-24 to a record 395 million tonnes. The increase in output is chiefly linked to bigger crops in South America. Global soybean consumption is projected to increase by 8%, reaching 386 million tonnes. Carryover stocks are predicted to remain unchanged from the 2022-23 marketing year at 171 million tonnes. The IGC’s forecast for total grains (coarse grains and wheat) in 2023-24 was revised slightly higher to 2.295 billion tonnes. Still, total grain demand is projected to outstrip supply, reaching a record 2.308 billion tonnes.
The IGC sees the bumper world corn crop reaching 1.223 billion tonnes. It said the upgraded outlook for corn was “tied mainly to reports of better-than-expected US yields, as well as an increased wheat figure, reflecting latest updates from Ukraine, Russia and Turkey.” Global wheat production was revised slightly higher than the previous month’s estimate but still 2% below last year’s total output of 804 million tonnes. The IGC Grains and Oilseeds Price Index increased slightly over the last months at 262 as gains in soybean and rice prices more than compensated for weakness in other grain markets. However, the price index is still nearly 17% lower than this time a year ago.
(Link: WorldGrain)
RAINS TAKING TOLL ON EU SOFT WHEAT AREA
Heavy rains are hampering the European Union’s winter grain sowings, particularly in France, cutting planted area for soft wheat and potentially hurting yields for the 2024 harvest, Reuters reported, citing consultancy Strategie Grains. “Growing area for 2024 crop soft wheat in the EU-27 is currently estimated 0.9% below the level of 2023, and furthermore, yields could fail to match their potential, as happened at the 2020 harvest, especially in France,” Strategie Grains said.
Despite rainfall also hampering maize harvesting in France, Strategie Grains raised its estimate for the 2023 crop for a third consecutive month to 61 million tonnes. The consultancy also raised its estimate for last summer’s soft wheat harvest by 200,000 tonnes, to 125.8 million tonnes, now stable with last year.
(Link: WorldGrain)
