According to International Grain Council expectations, another bumper crop in Brazil, a standard U.S. crop and production increases in smaller soy-producing countries are set to boost global soybean output to a new record high in 2020-&rsquo;21.
After the almost one-fifth decline in production in the past season, the IGC predicts a rebound in U.S. soybean production for 2020-&rsquo;21. Coupled with increases in Brazil and smaller soy-producing countries, the world's soy harvest area could grow 4 percent compared to the previous year. In combination with slight yield gains, the ICG holds out the prospect of a 7 percent production increase to a new peak of 366&nbsp;million metric tons.
The U.S. area harvested in 2020-&rsquo;21 is projected at 34 million hectares (84 million acres). The harvest could rise to 114.2&nbsp;million tons as a result. However, with weeks to go until the sowing campaign starts, this early forecast should be taken with a grain of salt.
Meanwhile, in Canada, low prices and trade uncertainties over the disagreement with China will likely lead to a slight shrinkage in production area in 2020-&rsquo;21. Nevertheless, assuming average yields, Canadian output could still rise 8 percent year-on-year to 6.6 million tons.
The IGC estimates that 2020-&rsquo;21 global soybean consumption will surge to a new peak&mdash;now of 365&nbsp;million tons&mdash;for the ninth year running. Consequently, world soybean output will likely cover demand.
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According to International Grain Council expectations, another bumper crop in Brazil, a standard U.S. crop and production increases in smaller soy-producing countries are set to boost global soybean output to a new record high in 2020-'21.

World soybean harvest expected to reach a record high

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