Global soybean production is slightly lower this month as a result of reduced estimates for India and China that more than offset gains in Argentina and the European Union.
This is according to new data from the USDA. However, exports of soybeans are increased from greater shipments from Brazil and the United States more than offsetting reductions in Argentina and India.
According to the USDA, the imports are boosted this month with growing demand in China, Japan, Bangladesh, and Iran. Global stocks are slightly higher this month reflecting increased levels in Argentina and China. The US season-average farm price is unchanged.
Regarding prices, the USDA reports that the US export bids in March, FOB Gulf, averaged US$345/ton, unchanged from last month. As of the week ending March 31, US 2015/16 soybean export commitments (outstanding sales plus accumulated exports) to China totalled 26.8 million tons compared with 29.6 million a year ago. Total commitments to the world are 44.5 million tons, compared with 48.2 million for the same period last year.
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