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 sees next year's world #corn carryout quite a bit larger than the trade thought. That is mostly on much bigger crops from the top producers (USA, #China, #Brazil, #Ukraine). USDA is optimistic on China's 21/22 demand for #soybeans at 103 mmt vs 100 mmt this year. pic.twitter.com/76P9LoLEWR— Karen Braun (@kannbwx) May 12, 2021
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.