Global soybean production forecast in 2017/18 MY reduced to 347.9 million tons

According to the forecasts, the world soybean production in 2017/18 MY will decrease by 0.56 million tons and will amount to 347.88 million tons.

This is reported by the US Department of Agriculture (USDA).

It is noted that the production of soybean by major exporting countries will amount to 175.92 million tons. The production of soybean in Brazil will amount to 107 million tons, Argentina — 57 million tons, and Paraguay — 9.4 million tons.

Soybean production will decrease by 3.37 million tons as compared to 2016/17 MY (351.25 million tons).

The volume of world export of soybeans in 2017/18 MY is forecasted at 150.97 million tons, which is 0.45 million tons less than the forecast for September and 3.51 million tons more than in 2016/17 MY (147.46 million tons).

According to the USDA analysts, the volume of soybean imports in 2017/18 MY will make up 148.64 million tons, which is 5.03 million tons more than the level of 2016/17 MY (143.61 million tons).

Reference: Ukraine in January-September 2017 exported 1.68 million tons of soybeans for the amount of $635.88 million.