IGC forecasts a record level of soybean production in the world in 2020/21 MG

2020-07-24 12:08:09
Machine translation
IGC forecasts a record level of soybean production in the world in 2020/21 MG

the international Grains Council (IGC ) in its July forecast again increased the forecast of the world soybean crop in season 2020/2021 1 million t ( in comparison with the June forecast) to 365 million tonnes, which is 7.7% higher than last season and may be a record soybean production in the world.

 

Active export of soybeans from Brazil to China in season 2019/20 Mr increased the forecast of world trade in soybeans last season at 3 million tonnes to 158 million tonnes, 4% more than in 2018/19 Mr.

 

Growth in demand for soybeans from China has led to the depletion of the stocks of soybeans in Brazil in early August and the rise in soybean prices in Brazil, which will lead to expansion of the areas of sowing of soybeans in Brazil and Argentina in 2020/21 MG, which against the background of rising production in the US increases the forecast of world soybean production to 365 million tons.

 

the Forecast of world consumption of soybeans in 2020/21 MG increased by 1 million tonnes compared with the June forecast to 364 million tonnes, which is 3.1% higher than last season.

IGC also raised its forecast of world trade of soybeans by 1 million tonnes to 161 million tonnes, 3 million tonnes more than last season.

 

the Forecast of world ending stocks of soybeans at the end of the 2020/21 MG increased by 3 million tonnes compared with the June forecast up to 48 million tons by only 1 million tonnes more than last season.

 

the soybeans in the U.S. are in good condition and production forecast can even be upgraded in August, which continues to put pressure on prices despite active purchases of us soybeans from China in recent weeks.

 

Sowing soybean in Brazil begins in October so traders will closely track the rainfall and the weather in September and October in the major regions of soybean production in Brazil.

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