Corn and soybean projections for the 2023/2024 season USDA – April 2024

April 16, 2024/ 333 Latin America with USDA data/ United States.
https://apps.fas.usda.gov/

17-Apr-2024 (2 years 1 months 21 days ago)

These are the highlights from the latest grain and oilseed estimates reports released by the USDA on April 11.

<p>Graph 1. Crop projections for the main world corn and soybean producers - 2023/24 season versus 2022/23 season. Prepared by 333 Latin America with data from FAS - USDA.</p>
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Corn

World corn production is expected to reach 1,227.9 million tons (Mt) in the 2023/24 season, representing an increase of 6.1% compared to 2022/23 (1,157.7 Mt).

United States production is projected to be 389.7 Mt, increasing 12.4% compared to the previous season (346.7 Mt). China's harvest should increase by 4.2%, reaching 288.8 Mt. European Union production is expected to grow by 16.7% to reach 61 Mt, and Ukraine, with 29.5 Mt, would see an increase of 9.3%.

Brazilian production is expected to reach 129 Mt, a decrease of 5.8% compared to the previous season, while Argentina's harvest is projected to reach 55 Mt, increasing 52.8% compared to last season's.

World corn exports are forecast to increase by 11.3%, going from 180.2 Mt in the 2022/23 season to 200.6 Mt in this new season. The United States should be the largest exporter with 53.3 Mt, an increase of 26.4% compared to the previous season.

The South American exportable supply is expected to increase significantly with Argentina's increasing 66.4% to 42.0 Mt in this new season. For Brazil, 52 Mt are estimated, a decrease of 4.2% compared to the previous season.

China is expected to import 23 Mt of corn, an increase of 22.9% compared to the previous season (18.7 Mt), while the European Union is expected to import 21.0 Mt, 9.5% less than in the 2022/23 season (23.2 Mt).

Final stocks are expected to increase 5.3% worldwide to reach 318.3 Mt. United States stocks would grow by 56%, while Brazil's would decrease by 45.9%.

Soybeans

World soybean production for the 2023/24 season is anticipated to increase 4.9% compared to the previous season, going from 378.2 to 396.7 Mt.

Estimates for South American harvests show a decrease of 4.3% for Brazil, which would reach 155 Mt, while an increase of 100.0% is projected for Argentina with 50.0 Mt.

Paraguay is expected to increase its production by 4.5% compared to the 2022/23 season (10.1 Mt), to reach a harvest of 10.5 Mt.

In this new report, the US crop is estimated at 113.3 Mt, a decrease of 2.5% compared to the 2022/23 season when it reached 116.2 Mt.

Brazil should lead exports with 103.0 Mt, a 7.8% increase compared to the previous season (95.5 Mt). United States export volumes should reach 46.3 Mt, a decrease of 14.7% compared to the last harvest (54.2 Mt).

Argentina is expected to export 4.6 Mt, which would mean an increase of 9.9% compared to the 2022/23 season (4.2 Mt).

China is expected to import 105 Mt, 0.5% more than the previous season.

Global soybean ending stocks are expected to increase by 12.7% to 114.2 Mt and would be supported by increases in stocks in Argentina, the United States, and China.