On the production of soybeans in the United States, its forecasts remain unchanged. Those on Brazil, Argentina and Paraguay - countries in the grip of drought - were also revised.
The USDA estimated Tuesday that global production of maize in 2008/09 to 786.47 million tonnes (Mt) against 791.04 million tonnes planned last month. This downward revision was due in large part due to a decline in the harvest in Argentina (-3 Mt to 13.50 Mt) and Brazil (-2 Mt to 49.50 Mt), affected by drought. The productions are upgraded in Ukraine (1.4 Mt at 11.40 mt) and the EU-27 (0.16 Mt to 61.36 Mt).
They remain unchanged in the U.S. (307.39 Mt), the world, and China (165.50 Mt). Given the decline in global consumption of corn (777.47 million tonnes against 783.22 million tonnes), the stock at the end of the 2008/09 season has increased from 570 000 tonnes to 136.66 Mt
The U.S. soybean production is in turn extended to 80.54 million tonnes (Mt) compared to last month. However, experts from the USDA revised down significantly, production of Argentina (-5.70 Mt to 43.80 Mt), Brazil (-2 Mt to 57 Mt) and Paraguay (-1 , 4 to 6 Mt Mt). The stock of U.S. soybeans at the end of the 2008/09 season fell on his hand, it is now 5.71 million tonnes against 6.12 million tonnes estimated in January.
Main reasons: the increase in projected exports (31.30 million tonnes against 29.94 million tonnes) due to less competition from South American productions.
Remember, the USA is the world's leading producers of soybeans to Brazil and Argentina. Last week, prices were very volatile, the markets appear to be very nervous considering weather conditions in Argentina.
Nevertheless rain had ended weeks of drought, reassuring the operators on the production levels of the country, which had resulted in a sharp decline in prices.
However the courts have rebounded this weekend at the extent of the damage observed in cultures. A representative of the Department of Agriculture U.S. had already estimated that the production of maize of the country could fall by 40% compared to last year, and soybean by 25%.
Around 1700 GMT Friday, the contract of corn for delivery in March was U.S. $ 3.7750 a bushel (25 kg), against 3.79 dollars earlier in September. The contract for wheat due to the same exchange rate U.S. $ 5.62, against 5.68 dollars a week earlier. The contract of soybeans for delivery in March rose to 9.97 against 9.80 dollars last Friday. ( Source: All Forex News of Today )
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