Summary of the report
According to the USDA's monthly supply and demand report in November, U.S. bean production was lowered and U.S. bean ending stocks were raised. The overall data was better than previous market expectations, and the short-term price of U.S. beans rebounded. However, the pattern of U.S. soybean exports decreased, inventory increase pattern was determined, U.S. bean inventory was raised, and the supply and demand pattern relationship of U.S. beans continued to change from inventory tension to increase, and U.S. bean prices were still under pressure.
The USDA revised its 2021/22 U.S. soybean production estimate to 4.425 billion bushels, at an estimated yield of 51.2 bushels per acre; analysts had previously forecast soybean production of 4.484 billion bushels at 51.9 bushels per acre. The USDA raised its 2021/22 U.S. bean year-end inventory estimate to 340 million bushels, after the previous market estimate of 362 million bushels and october estimates of 320 million bushels. According to the supply and demand report, the US corn production estimate for 2021/22 was raised to 15.062 billion bushels, with a yield estimate of 177 bushels per acre; analysts had previously estimated corn production to be 15.050 billion bushels and a yield estimate of 176.9 bushels per acre, respectively. The 2021/22 corn year-end stock estimate was lowered to 1.493 billion bushels, and the corn ending stocks were lowered due to an increase of 50 million bushels used in the ethanol industry.
Argentina's 2021/22 soybean production forecast is 49.5 million tonnes, compared to 51 million tonnes in october, and Argentina's 2021/22 soybean export forecast has been revised down from 6.35 million tonnes to 5.35 million tonnes, according to the supply and demand report. The supply and demand report shows that Brazil's soybean production is estimated at 140 million tonnes in 2021/22 and 140 million tonnes in the October report, and Brazil's export forecast for 2021/22 has been revised up from 93 million tonnes to 94 million tonnes. The USDA lowered Argentine soybean production and exports, but increased Brazilian soybean exports, South American soybeans, especially Argentine soybeans, there are still large variables, Brazil soybean yield, Argentine soybean production is very likely, need to track the south Of the weather yield.
According to the November Supply and Demand Report released by the U.S. Department of Agriculture, the U.S. soybean oil annual unstocked forecast for 201/22 was revised upward to 1.912 billion pounds, with a october estimate of 1.798 billion pounds; the 2020/21 soybean oil year-end inventory estimate was revised up to 2.177 billion pounds and the October estimate was 2.063 billion pounds. U.S. soybean oil production is estimated at 25.535 billion pounds in 2021/22 and 25.535 billion pounds in October. Soybean oil production for 2020/21 was revised upwards to 25,023 million pounds, compared to 24.98 billion pounds in October. The U.S. soybean oil production and consumption data remain unchanged, but the carry-over inventory of the previous year was significantly increased, and the inventory at the end of the current year continued to rise, and the overall data of soybean oil was empty.
This article originated from GF Whampoa Club