Global soybean production in 2018-'19 could reach record level
August 16, 2018
BY UFOP
The USDA has raised its current outlook for global soybean production for the 2018-’19 marketing year significantly. The reason is an unexpected strong increase in U.S. crop expectations for 2018.
According to the outlook, the U.S. could harvest just less than 125 million metric tons of soybeans. This would be up around 5 million tons year-on-year and just about 8 million tons more than expected in July.
According to information published by Agrarmarkt Informations-Gesellschaft (AMI), the U.S. soybean acreage is slightly smaller than 2017. However, virtually optimal growing conditions could raise yields to a level more than 5 percent higher than the previous year.
The forecast of Brazilian soybean production in 2019 is unchanged at just less than 121 million tons. This translates to a rise of 1 million tons from the previous season.
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Argentina is expected to reach an average level of 57 million tons in 2019, following drought-related losses of about 20 million tons in 2018.
Against this background, the USDA projects world soybean production in 2018-’19 at 367 million tons, which would be up 30 million tons year-on-year.
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