Forecasts of production of soybeans and corn in South America has been reduced again
Experts Rabobank through the dry weather in Argentina reduced the forecast of maize production by 2 million tonnes to 39 million tonnes, and soybean – to 51.5 million tons This forecast was the most pessimistic among the reports of other analysts.
USDA reduced the forecast of exports of Argentine corn by 1.5 million tons to 28 million tons.
Dimensions exchange Rosario reduced in comparison with the previous report, assessment of the acreage under soybean in Argentina in 2017/18 MG 3% to 18.5 million hectares because of a lack of soil moisture in major growing regions of the oilseed. For this reason, the average soybean yield may be reduced to 2.9 MT/ha against an earlier projection of 3.3 t/ha.
soybean Production in Argentina in season 2017/18 is estimated at 52 million tons, which is 9% below the average five-year average. The total supply of Argentine soybeans will amount to 66.5 million tons.
carry-over stocks of soybeans in comparison with the previous season increased by 3 million tons to 12.5 million tons, while ending stocks at the end of 2017/18 mg of 8,8 million tonnes, which is 30% below the average five-year average. The decrease in the level of ending stocks due to increased demand for soybeans and products of its processing, which is caused by reduction of export duties on soybeans and the strengthening of the U.S. dollar.
the Export of soybeans from Argentina in 2017/18 MG, according to experts, will be 9 million tons Forecast processing beans increased by 2% to 44 million tonnes, which is inferior to the record 2014/15, when it was redesigned 45.1 million tons of soybeans.
the Demand for Argentine soy in 2017/18 MG is estimated at 57.8 million tonnes, 1.8 million tonnes higher than the figure recorded last year and will be a new record.