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The International Grains Council estimates world soybean production will rise 4% in 2022-23, with consumption growing but not enough to offset output, so global closing stocks are increasing. Brazil has harvested about 90% of its soybean area, with analysts estimating output near 154 million tons, and growers are being pushed to sell amid tight storage.
The IGC soybean price index was 21% below a year earlier.
Expanding Brazilian supply and rising global stocks add downward pressure on soybean and meal prices for feed buyers. Early US planting progress points to a good crop ahead, reinforcing the bearish outlook.
foodagribusiness.worldAnnet SmaleApr 26, 2023Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
