The United States Department of Agriculture (USDA) has raised its forecast for global soyabean production for the 2022/23 marketing year, Germany’s Union for the Promotion of Oil and Protein Plants (UFOP) reported.
Worldwide soyabean production is set to reach 395.4M tonnes, according to the USDA, representing an increase of 680,000 tonnes compared to the previous month’s estimate and up 12.3% compared to 2021/22.
The increase in production was mainly due to expectations of increased soyabean supply in Ukraine, although forecasts from this region had to be viewed with caution due to the ongoing war, the 23 June report said.
The USDA said it expected Ukrainian soyabean production to total approximately 2.8M tonnes, which would be 500,000 tonnes more than previous forecasts, although 1M tonnes lower than in 2021/22. The estimates for Brazil and Argentina remained unchanged from the previous month at 149M tonnes and 51M tonnes respectively.
World trade in 2022/23 is also expected to exceed the previous year’s volumes due to a larger supply of soyabeans, according to the USDA, with exports forecast at 170.3M tonnes, an increase of 420,000 tonnes from the May forecast and 9.2% up from the 2021/22 level.
The USDA had increased Argentine soyabean output by 1.4M tonnes in 2021/22 to 43.4M tonnes due to higher yields, the report said.
Brazilian soyabean production in 2021/22 has also been revised upwards, according to research by Agrarmarkt Informations-Gesellschaft (mbH), with current forecasts of 126M tonnes representing an increase of 1M tonnes compared to the May forecast.
Global soyabean production in the running 2021/22 marketing year is projected at around 352M tonnes, which would be 2.6M tonnes higher than the previous forecast.