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.