Soybean

Global soybean production in 2022/23 could top 390 million tons


The USDAAnalysts released their global forecast in October soybean production in 2022/23 to 390,9 million Tonnen increased, compared to 389,7 million tonnes, according to a preliminary forecast also well above the 2021/22 result (355,7 million tonnes).

Notably, oil harvest forecasts for Brazil have been raised to 152 million tonnes from 149 million tonnes in September (127 million tonnes in 2021/22) and for Canada to 6,5 million tonnes (6,4; 6,2). At the same time, experts lowered the forecast for US soybean production to 117,3 (119,1; 121,5) million tons.

The forecast for global oil exports in the new season was also raised slightly to 168,8 (167,8; 154,2) million tons. An increased adjustment was made for Brazil to 89,5 (89; 79,5) million tonnes and for Argentina to 7 (4,7; 2,8) million tonnes USA however, to 55,6 (56, 7, 58,7 million tons and for Paraguay to 5,7 (6,5; 2,3) million tons.

The forecast for the global final inventory Soybeans for 2022/23 was increased to 100,5 (98,9; 92,4) million tonnes. In particular, the forecast for Brazil was increased to 31,3 (29,3; 23,1) million tonnes, but for Argentina it was lowered to 24,2 (25,4; 23,1) million tonnes.

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