World soybean production in 2017/18 MY to reach 348 million tons

The world production of soybeans in 2017/18 MY will amount to 348 million tons, which is 1 million tons more than the August 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 3 million tons in comparison to 2016/17 MY.

World trade of soybeans in 2017/18 MY will make up 150 million tons, which is 1 million tons more than the forecast for August 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) compared to 2016/17 MY.

Note: Ukraine in 2016/17 MY (September-August) exported 2.9 million tons of soy, which is 23% higher than the previous season.