Dry weather and acreage cuts have curtailed US production forecast
Brazilian crop more price-competitive than the US during most of 2023
China likely to wait for Brazil’s new crop to resume high volume purchases
The US soybeans production forecast in marketing year 2023-24 (September-August) has been sliced significantly since pre-season estimates amid sizable acreage cut and prolonged unfavorable weather, likely supporting Brazil’s oilseed exports early next year, analysts and market observers have told S&P Global Commodity Insights.
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Just before the oilseed sowing for MY 2023-24 began mid-May, the US soybean production was forecast at record 122.74 million mt with a yield of 52…
