Soybean

USDA experts have raised their forecast for the 2022/23 global soybean harvest


The USDA–Analysts in August raised their forecast for global soybean production in 2022/23 to 392,8 million Tonnen increased, compared to 391,4 million tonnes according to the preliminary forecast, which is also significantly higher than the 2021/22 result (352,7 million tonnes).

So were for the USA – up to 123,3 (122,6; 120,7) million tons and for China – up to 18,4 (17,5; 16,4) million tons – increased oil production adjustments made.

The forecast for the worldwide export of Soybeans in the coming season was also slightly increased to 169,1 (168,9; 153,2) million tons, as this forecast in the USA was raised to 58,6 (58,1; 58,8) million tonnes, while in Argentina this forecast was lowered to 4,3 (4,7; 2,2) million tonnes.

Global oil reserves in 2022/23 could rise to 101,4 million tons, according to USDA forecasts, compared to 99,6 million tons in July and 89,7 million tons in 2021/22. In particular, for the People's Republic of China on 31,4 (30,5; 30,7) million tons, Argentina on 25,7 (24,9; 22,4) million tons, the USA increased adjustments to 6,6 (6,2; 6,1) million tonnes and the EU to 1,1 (0,8; 1,1) million tonnes. Experts have lowered the forecast for oil reserves in Brazil – to 29,8 (30,3; 22,7) million tons.

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