World soybean production expected to decline by 17 pct

Oil World experts in the updated report made further downward adjustments to global soybean production in 2019/20. Thus, the forecast was reduced by 5.5 million tons vs. the July estimate to 344.6 million tons, 17.2 million tons (or 5%) lower from the result of the previous season, the APK-Inform consultancy reports.

Analysts expect soybean crop yield decrease in the Northern Hemisphere by a total of 23.4 million tons, including in the U.S. — to 100.16 million tons (-19% per year), India — to 9.8 million tons (-6.6%), Canada — to 6.58 million (-8%), CIS (Russia and Ukraine) — to 8.8 million tons (-2%) and in the EU — to 2.69 million tons (-0.7%).

"However, experts project a 6.2 million tons increase for 2019/20 in the Southern Hemisphere. In Brazil, production may increase up to record 122.8 million tons (+5.5%), in Paraguay — up to 10.5 million tons (+23.5%), in Uruguay — up to 3.1 million tons (+9.5%). As for Argentina, a 5% decrease in soybean production is expected in the next season, to 53.2 million tons," the report says.

Previously reported that on Monday 12th soybean contracts trading on the Chicago Stock Exchange sunk under the influence of the corn market.