World soybean production forecast for 2021/22 improved by 6%: USDA

USDA experts forecast a 22.58 mln t increase in the global soybean harvest in 2021/22 to 385.53 mln t (2020/21 estimate: 362.95 mln t), the May USDA report data show.

Under USDA report, global soybean exports are expected at 172.9 mln t, 1.54 mln t more than analysts' forecast for 2020/21 (171.36 mln t). World soybean ending stocks in 2021/22 should increase by 4.55 mln t to 91.1 mln t.

World soybean meal production is expected at 260.32 mln t compared to 253.12 mln t in 2020/21. World soybean oil production is forecast at 62.25 mln t, 1.76 mln t above the 2020/21 forecast of 60.49 mln t.

The forecasted volumes of soybeans and products in key producing countries in 2021/22 as opposed to the 2020/21 estimate:

Country Soybeans, mln t Soybean meal, mln t Soybean oil, mln t
 Argentina 52 (+3) 32.73 (+0.78) 8.4 (+0.2)
 Brazil 144 (+8) 36.97 (+0.73) 9.18 (+0.18)
 United States 119.88 (+7.66) 47.63 (+0.67) 11.77 (+0.2)
 China 19 (-0.6) 79.2 (+3.17) 17.92 (+0.72)

USDA in its May report put the forecast for wheat production in Ukraine in 2021/22 at 29 mln t, 14% higher YoY, and corn at 37.5 mln t, 24% above the 2020/21 estimate.

In late February crushers in Ukraine informed about soybean imports after local supplies had shrunk and domestic prices had risen.

Soybean production in Ukraine and worldwide (click for full resolution)

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