Global Soybean production for 2019/2020 season, is forecast at 337.70 Mio Tons, -5.7% compared to the 2018/2019 season, but it is still slightly above the level of the previous forecast.
Soybean total use is continuously growing, and given the lower expected production, ending stocks should reach 96.67 Mio Tons (-12,34%).
Soybean production in Brazil, expected to be the world’s main producer in the 2019/2020 season, should reach 123 Mio Tons (+5.1% compared to 2018/2019 season). United States’ production is decreasing (19.6%) due to the diminishing of U.S yield of land, especially in North Dakota and South Dakota.
Global export of Soybean for 219/2020 season is expected almost unchanged compared to the previous season. Higher predicted exports from Brazil and U.S. (overall +1,5%) compensate for the expected decrease from Argentina.
Brazil average export price in October is 0.37$ per Kg, while U.S. average export price is 0.36$ per Kg, both prices are increasing compared to last month.
For the new season, China, the main world Soybean importer, should import more volumes: 85 Mio Tons, +3% compared to 2018/2019 season. China’s average import price in November is 0.40$ per Kg.
In the first 10 months of 2019, Italy increased Soybean imports: +29% compared to January-October 2018. Italy has recorded an overall variation of +84.2% of the imported volumes from U.S. and Brazil, which remain the main suppliers.