Malaysia CPO production for the marketing year September 2020 to August 2021 was slashed by 600,000 tons to 19 million tons from the previous month’s projection of 19.60 million tons in the latest USDA April report – released 9 April 2021. Dismal output from the earlier months in January and February resulted in the downgrade. Malaysia’s output suffered at the start of the year from a decline in productivity, logistics snags, seasonal low trends, and weather-induced disruption. March output is set to snap 5 months of sluggish growth to post a monthly rise of 25 to 30%. Actual data is due on Monday 12 April at mid-day Singapore/Malaysia time from MPOB. Indonesia’s output was left at 43.50 million tons.
U.S domestic soybeans ending stock was left unchanged at 120 million bushels contrary to market expectation of a reduction to 119 million.
Brazilian soybean crop size for 2020-21 was raised by 2 million tons from the previous month’s projection of 134 million tons. The USDA reported ‘Favorable crop conditions in Brazil’s southern state of Rio Grande do Sul and updated harvest results from national and state agencies support higher yields’
The Argentinian soybean crop was left unchanged at 47.50 million tons for 2020-21, despite the expectation of a reduction to 45-46 million tons.