USDA predicts 19% higher global soybean output
Global soybean production is set to jump by nearly 19% this year thanks to record production in the world's big-three producing nations.
The US Department of Agriculture has added more than 4 million tonnes to its forecast for world soybean output in 2009-10, citing improved hopes for America, Brazil and third-ranked producer Argentina.
The upgrade to the US harvest estimate – which is now expected to set records for both production and yield - followed findings of higher pod counts in crops major producing states.
Argentine and Brazilian hopes were raised on expectations of a rise in plantings.
USDA soybean forecasts, 2009-10 (change from Oct estimate)
- US output: 90.3m tonnes: (+1.9m tonnes)
- Brazil output: 63.0m tonnes (+1m tonnes)
- Argentine output: 53.0m tonnes (+0.5m tonnes)
- Global output: 250.2m tonnes (+4.2m tonnes)
- Global stocks at year end: 57.4m tonnes (+2.6m tonnes)
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