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)|
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.