TwitterLinkedinWhatsAppTelegramTelegram
0
1
Read this article in:

USDA corn and soybean projections for the 2022/2023 season – January 2023

Corn production is again forecast lower due to further declines in the U.S., Argentine, and Brazilian crops. For soybeans, a 4 million ton reduction in the Argentine crop is expected due to drought conditions affecting crop yields.

Source: USDA - WASDE January 2023.

Source: USDA - WASDE January 2023.

26 January 2023
TwitterLinkedinWhatsAppTelegramTelegram
0
1

Highlights of the latest grain and oilseed estimates reports released by the USDA on January 12 are presented:

Corn

  • World corn production is expected to reach 1155.9 million tons (Mt), a 4.9% drop compared to the 2021/22 season (1214.9 Mt).
  • United States production is expected to be around 348.8 Mt, down 8.9% with respect to the previous season (382.9 Mt), while China will increase its harvest by 1.7%, achieving 277.2 Mt. The European Union will see a 23.6% decrease with 54.2 Mt, while Ukraine, with 27.0 Mt, will see a decrease of 35.9%.
  • There were significant cuts in production estimates for South American crops with respect to the December report. In fact, Brazil is now projected to grow by 7.8% with 125 Mt and Argentina by 5.1% with 52 Mt.
  • World corn exports are expected to decrease by 12.7%, from 204 Mt in the 2021/22 season to 178.2 Mt in the new season. This would be explained by the decrease in exports from the European Union (-63.3%), Ukraine (-24%), and the United States (-22.0%), as well as the lower forecast for shipments from Brazil and Argentina.
  • South America's exportable supply showed significant decreases with respect to the December report, increasing by just 1.1% for Brazil with 47 Mt, while Argentina's exports would increase by 7.0% with 38 Mt.
  • China is expected to import 18 Mt of corn, down 17.7% from the previous season (21.9 Mt). The European Union and Malaysia will increase their imports by 8.7% and 3.3%, respectively.
  • World ending stocks are expected to fall by 3.1% to 296.4 Mt. For India, the European Union, Canada, the United States, and China, stocks would fall by 32.7%, 26.2%, 20.4%, 9.8%, and 0.9%, respectively, while for Brazil, Egypt, Iran, and Ukraine, stocks would increase by 83.5%, 15.1%, 13.7%, and 5.9%.

Soybeans

  • World soybean production for the 2022/23 season is forecast to increase by 8.4% over the previous season, from 358.1 Mt to 388 Mt.
  • Estimates for South American crops show an increase of 18.1% for Brazil, which would reach 153 Mt, while Argentina is projected to increase by only 3.6% with 45.5 Mt, which is far from the 49.5 Mt forecast as of the December report.
  • Paraguay would increase its production by 138.1% with respect to the 2021/22 season (4.2 Mt), reaching a crop of 10 Mt, returning to the levels that were usual until the 2020/21 season
  • In this new report, the United States crop is projected at 116.4 Mt, a drop of 4.2% compared to the 2021/22 season, when it reached 121.5 Mt.
  • Export activity will be led by Brazil with 91.0 Mt, up 15.0% compared to the previous season (79.1 Mt), while the United States will reach an export volume of 54.2 Mt, down 7.8% compared to last year's crop (58.7 Mt).
  • Argentina's exports are projected to be 2 Mt lower than the December report with 5.7 Mt, which would mean an increase of 99.2% with respect to the 2021/22 season (2.9 Mt).
  • China is expected to import less soybeans compared to the previous report (98 Mt), reaching 96 Mt and up 4.8% compared to the 2021/22 season (91.6 Mt).
  • Final stocks of the oilseed are expected to increase by 5.4% globally, reaching 103.5 Mt. However, for the United States, Iran, Argentina, and China, stocks are expected to decrease by 23.4%, 11.4%, 1.9%, and 0.2%, respectively, while for Paraguay, Canada, Brazil, and the European Union, stocks are expected to increase by 160.1%, 52.1%, 24.8%, and 8.7%.

333 Latin America with data from USDA/ United States.
https://apps.fas.usda.gov/

Article Comments

This area is not intended to be a place to consult authors about their articles, but rather a place for open discussion among pig333.com users.
Leave a new Comment

Access restricted to 333 users. In order to post a comment you must be logged in.

Related articles

Swine News

Swine industry news in your email

You are not subscribed to this list

Log in and sign up on the list