According to our analysis soybeans (ZS) futures prices moved around 84 ticks on USDA WASDE (World Agricultural Supply and Demand Estimates) data on 12 October 2023.
Soybeans (84 ticks)
Charts are exported from JForex (Dukascopy).
World Agricultural Supply and Demand Estimates (WASDE) - October 2023
WHEAT: The WASDE report for October 2023 provides insights into the U.S. wheat outlook for the 2023/24 season. It anticipates increased supplies, higher domestic use, unchanged exports, and elevated ending stocks. Key points include higher production, primarily based on data from the NASS Small Grains Annual Summary. Domestic use has risen, specifically in feed and residual use. Despite unchanged exports at 700 million bushels, ending stocks have surged, impacting the season-average farm price.
COARSE GRAINS: The report outlines a U.S. corn outlook for 2023/24 characterized by reduced supplies, lower feed and residual use, exports, and smaller ending stocks. Corn production and supply estimates are down due to lower yields and beginning stocks. Exports have also decreased, primarily due to a drop in early-season demand. Consequently, corn ending stocks for 2023/24 have fallen. The season-average corn price received by producers increased, reflecting these changes. Globally, coarse grain production is reduced, but foreign production, trade, and stocks see marginal increases.
OILSEEDS: The report forecasts reduced U.S. oilseed production for 2023/24, primarily affecting soybeans, cottonseed, peanuts, rapeseed, and sunflower seeds. Soybean production has decreased due to lower yields, affecting supplies and exports, with soybean meal and oil prices remaining unchanged. Foreign oilseed production has also been lowered, with notable reductions in soybean and peanut output in India and canola production in Canada.
COTTON: The 2023/24 U.S. cotton supply and demand estimates indicate lower production, exports, and ending stocks. Reduced yields in Texas are the main reason for the decrease in production, and ending stocks have been cut by 200,000 bales. Despite these changes, the season-average price for upland cotton is projected to remain stable. The global cotton balance sheet sees a significant reduction in beginning stocks due to accounting changes for Brazil. Additional production changes include increases in crop estimates for Brazil, Argentina, and Tanzania, offset by reductions in the United States, Australia, and Greece. Overall, global cotton consumption and trade remain relatively unchanged.
The WASDE report provides crucial insights into the agricultural supply and demand dynamics, enabling stakeholders to make informed decisions in the ever-evolving global market.
Source: https://www.usda.gov/oce/commodity/wasde
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