Global soybean production forecast in MY 2017/18 increased to 349 MT

The global soybean production in MY 2017/18 should increase by 1.01 million tons and amount to 348.89 million tons.

United States Department of Agriculture (USDA) projects that soybean production by the main exporting countries will reach 176.92 million tons. The production of soybean in Brazil will amount to 108 million tons, Argentina — 57 million tons, and Paraguay — 9.4 million tons.

Production of soybeans in comparison with MY 2016/17 (351.25 million tons) will decrease by 2.36 million tons.

The volume of global soybean exports of in MY 2017/18 is forecasted at 152.43 million tons, which is 1.46 million tons more than October forecast and 4.77 million tons more than the level of MY 2016/17 (147.66 million tons).

According to USDA analysts, the volume of soybean imports in MY 2017/18 should make up 150.12 million tons, which is 1.48 million tons more than October forecast and by 5.51 million tons more than the levels of MY 2016/17 (144.61 million tons).

Earlier it was reported that Ukraine in January-September 2017 exported 1.68 million tons of soybeans valued at USD 635.88 million.