Total global production of soybeans for 2017/18 is a little lower than last year. US profits, by exporting more soybeans this season.
The latest forecast from the USDA reaches 315.09 million metric tons of soybeans produced worldwide in the season 2017/18. This is lower than the 351.78 mmt produced in the year before. Export and import figures however have been raised for this year, compared to the previous year.
The lack of availability along with competitive pricing prompted the increase in buyer interest in US soybeans. This is why the US soybean export forecast for 2016/17 is raised 1.4 million to a record 57.2 million tons this month on the strength of exports to date and outstanding sales to be shipped later. As of the week ending in June 29, accumulated exports have reached 52.9 million tons, 18% above this time last year, and exceed total exports (including outstanding sales) in 2015/16.
Outstanding sales of US soybeans for the current marketing year are also strong at 6.8 million tons, slightly below the record level observed in 2015/16. Last year’s large volume of outstanding sales so late in the marketing year was mostly triggered by supply tightness in South America.
Read the full report here.