Soybean production projected 6% up in 2021/22: July USDA report

The USDA experts forecast a 0.5 mln t decrease in the world soybean harvest in 2020/21 to 363.57 mln t (2019/20: 339.4 mln t), the July USDA report data show.

The projection for the global soybean production in 2021/22 was reduced by 0.3 mln t to 385.22 mln t (June Proj.: 385.52 mln t).

Under USDA report, global soybean exports in 2021/22 are expected at 172.85 mln t, 0.05 mln t down from analysts' forecast in June. Soybean export in 2020/21 is expected at 165.49 mln t, 5.92 mln t down compared to last month.

World soybean ending stocks in 2020/21 are forecast at 91.49 mln t, 3.49 mln t up from the June estimate, in 2021/22 stocks should increase by 1.93 mln t to 94.49 mln t.

World soybean meal production is expected at 260.63 mln t 2021/22, 0.31 mln t up from June Proj. World soybean oil production is forecast at 62.32 mln t, 0.08 mln t higher mth/mth.

The forecasted volumes of soybeans and products in key producing countries in 2021/22 (vs. the June Proj.):

Country Soybeans, mln t Soybean meal, mln t Soybean oil, mln t
 Argentina 52 33.15 (+0.42) 8.5 (+0.1)
 Brazil 144 36.97 9.18
 United States 119.88 47.63 11.77
 China 19 79.2 17.92
 India 11.2 7.76 1.75

As of June 17, soybean planting in Ukraine is 99% completed. In the 2021 crop year, soybean covers 1.39 mln ha (2020: 1.41 mln ha).

Soybean export from Ukraine in Jan-May 2021 plunged by 45% YoY.

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