The forecast of soybeans world production in 2017/18 MY increased to 347 million tons

World soybean production in 2017/18 MY will amount to 347 million tons, which is 2 million tons more than the July forecast.

This is reported by the International Grains Council (IGC).

It is noted that the world soybean production in 2017/18 MY will decrease by 4 million tons compared to 2016/17 MY.

Thus, the world trade of soybeans in 2017/18 MY will amount to 149 million tons, which is 1 million tons more than the July forecast and 6 million tons more than in 2016/17 MY.

The forecast of soybean consumption in 2017/18 MY is increased by 14 million tons (up to 351 million tons) as compared to 2016/17 MY.

Earlier it was reported that world exports of soybeans in June 2016/17 MY exceeded shipments by 1.5 million tonnes in the same month last year and amounted to 13.4 million tons.