March 12, 2012

 

 

Due to lower production in South America, the 2011-12 global soy output estimates had been cut by the USDA but raised its world wheat and corn output forecasts.

 

In its March world supply-demand report, USDA pegged global soy output in 2011-12 at 245.07 million tonnes, down 6.4 million tonnes from the February forecast as unfavourable weather affected crops in South America.

 

Brazil's soy output estimate for 2011-12 has been lowered to 68.50 million tonnes from 72 million tonnes pegged in February. Soy production estimate of Argentina has been cut to 46.50 million tonnes from 48 million tonnes projected in February.

 

Estimate for the US soy output, exports, and ending stocks was kept unchanged at 83.17 million tonnes, 34.70 million tonnes, and 7.49 million tonnes, respectively.

 

Global oilseed production for 2011-12 is projected at 445.7 million tonnes, down 6.7 million tonnes from the February forecast due to lower soy output in South America and fall in mustard seed, groundnut and sunflower seed production in India, the

USDA report said.

 

In case of corn, the USDA has raised its global output forecast for 2011-12 to 864.96 million tonnes from 864.11 million tonnes predicted in February. Corn production in the US is estimated at 313.92 million tonnes, unchanged from last month's forecast.

 

Global wheat production estimate has been raised to 694.02 million tonnes in 2011-12 from 692.88 million tonnes, with the increase coming mainly from Australia. Australia's wheat output is now seen at 29.50 million tonnes, as against 28.30 million tonnes in February, the report showed.

 

Wheat production estimate for the US has been kept unchanged from the February forecast at 54.41 million tonnes. India's wheat output projection for 2011-12 has also been kept unchanged at 86.87 million tonnes.

 

Global wheat ending stocks are seen at 209.58 million tonnes in 2011-12, down from 213.10 million tonnes predicted in February. Global wheat exports are expected to rise to 142.93 million tonnes this season from 140.25 million tonnes pegged in February.

 

USDA has raised its estimate of global rice output in 2011-12 to 465.40 million tonnes from 462.75 million tonnes a month ago. India's rice production forecast has been raised to 102.75 million tonnes from 102.00 million tonnes projected in February.

 

Global cotton production estimate has been increased to 123.64 million bales from the February forecast of 123.34 million bales. India's cotton output in 2011-12 is seen at 27.00 million bales, unchanged from a month ago.