United States Department of Agriculture

USDA analysts have lowered their forecast for global soybean supply and demand for 2022/23

The USDA experts published their forecast for the worldwide in September soybean production Down to 2022 million tonnes in 23/389,7, compared to 392,8 million tonnes in August, but well above the 2021/22 result (353,2 million tonnes).

In particular, the forecast for the oil harvest in the USA reduced to 119,1 million tons compared to 123,3 million tons under the previous forecast (120,7 million tons in 2021/22). In return, the experts increased this forecast for Canada to 6,4 (6; 6,3) million tons.

The USDA experts have also lowered their forecast for global soybean exports to 167,9 (169,1; 153,4) million tons due to the USA performed downward revision to 56,7 (58,6; 58,4) million tons. At the same time, the forecast for Argentina was increased to 4,7 (4,3; 2,2) million tons and for Canada to 4,4 (4,3; 4,2) million tons.

The forecast for global oil reserves for 2022/23 has been reduced to 98,9 million tons, compared to the August forecast of 101,4 million tons, but which is higher than the result for 2021/22 (89,7 million tons). In particular, the forecast for the People's Republic of China was lowered to 30,4 (31,4; 30,7) million tons, Brazil to 29,3 (29,8; 22,4) million tons, Argentina to 25,4 (25, 7, 22,5 million tons and the USA to 5,4 (6,6; 6,5) million tons.

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