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Overall, the numbers were within the line expected by the market, assesses DATAGRO Grãos.
The United States Department of Agriculture (USDA) released the supply and demand report for the month of February on Wednesday (8). Check out:
Soy
The estimate for US 2022/23 soybean ending stocks was raised from 5.72 million tons to 6.13 million tons, compared to the average market expectation of 5.74 million tons.
World ending stocks for the 2021/22 harvest were raised from 98.22 million tons to 98.83 million tons – analysts expected maintenance.
For 2022/23, the USDA reported world ending stocks of 102.03 million tons, against 103.52 million tons estimated last month. The market expectation was 102.00 million tons.
Soy production in Brazil and Argentina 2022/23 harvest
The forecast for Brazilian production was maintained at 153.00 million tons, in line with market expectations; As for Argentina, it was cut from 45.50 million tons to 41.00 million tons, against analysts' average expectations of 42.30 million tons.
Corn
The USDA raised its forecast for US corn ending stocks for the 2022/23 harvest to 32.17 million tons, compared to 31.54 million tons in January and an average expectation of 32.20 million tons.
Projection of 306.28 million tons for final cereal stocks worldwide in the 2021/22 harvest, compared to 305.95 million tons a month ago and expected to be maintained.
World cereal stocks for the 2022/23 harvest were estimated at 295.28 million tons, compared to 296.42 million tons last month and expectations of 294.70 million tons.
Corn production in Brazil and Argentina 2022/23 harvest
The forecast for Brazilian production was maintained at 125.00 million tons – the market expected a slight increase to 125.20 million tons; As for Argentina, it was cut from 52.00 million tons to 47.00 million tons, against analysts' average expectations of 48.50 million tons.
Wheat
USDA's new monthly bulletin increased the projection for US wheat ending stocks for the 2022/23 harvest from 15.44 million tons to 15.47 million tons – the expectation was for a greater increase, to 15.70 million of t.
At a global level, the estimate for the 2021/22 season increased from 276.82 million tons to 276.70 million tons; in 2022/23, from 268.39 million tons to 269.34 million tons.
Cotton
The USDA's February bulletin raised the estimate for 2022/23 US cotton stocks to 4.30 million bales from 4.20 million bales.
Globally, 85.24 million bales in 2021/22, compared to 85.34 million bales in the January report.
For 2022/23, 89.08 million bales are expected, compared to 89.93 million bales in the previous month.
Source: datagro
