IGC: Global Soybean Production Is Expected To Continue To Be High In 209/20
Global soyabean production is expected to remain high next year as planting acreage increases slightly, according to the international grains council's annual 209/20 forecast, first published this month. Global soybean end-of-term inventory expectations for 209/20 were little changed from the previous year, as consumption expectations increased further. Global soybean import demand is largely dependent on Chinese demand.
This month, the IGC slightly raised its global soybean production forecast for 2018/19 to 359 million tons, up 5% from 341 million tons a year earlier. As a result of the reduction in China's consumption, the global consumption data was reduced to 352 million tons, resulting in an increase of 3 million tons in the end of the year global soybean inventory to 52 million tons, up from 45 million tons in 2017/18.
Global soybean production is expected to be 359 million tons in 209/20, unchanged from 2018/19. While usage is expected to increase to 359 million tons, up from 352 million tons in 2018/19, ending inventory is expected to be little changed at 51 million tons, down slightly from 52 million tons in the previous year because of the large inventory carried over from the previous year. The outlook for global soybean trade is uncertain and largely dependent on Chinese demand.
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