Wasde: US soybean ending stocks above estimate, Brazil crop cut
by Marcela Caetano – Agricensus
The U.S. Department of Agriculture (USDA) reduced its 2023/24 global ending stock estimates to a level above the market’s average projection, while cutting Brazil’s output estimates in line with market expectations, in the December World Agricultural Supply and Demand Estimates (Wasde) released on Friday.
CME soybean January futures were down 2.2 c/bu following the release of the report as projections surpassed projections from analysts surveyed by Agricensus before the release of the report.
Global ending stocks are now seen at 114.2 million mt versus November´s 114.5 million mt projection, above the average 112.9 million mt market estimates.
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