Global soybean production in 2018/19 to increase 6%

Oil World experts forecast an increase in the global soybean production in MY2018/19 up to 358.8 million tons, which is 1.5 million tons higher than the previous estimate and exceeds the indicator of the previous season (338.1 million tons) by 20.7 million tons.

APK-Inform reports that such a change occurred as a result of favourable weather conditions, which were observed in the key oil-producing countries. In particular, it concerns the USA, where experts project soybean production at 120 million tons (+ 0.4% per year) in MY2018/19.

An increase in the acreage under soybean by 1.2 million hectares is also expected in Brazil.

Experts also expect an increase in the world's end stocks of soybeans in the next MY to 96.7 (+4.8) million tons.

Previously it was reported that soybeans processing rate in Ukraine, despite the decline in the last two months, remained at a high level. In May 2018, the production of soybean oil by large and medium-sized enterprises of Ukraine amounted to 18.1 thou. tons, which is 8.6% less compared to April, but 27.5% more as compared to May 2017