Forecast soybean production in Brazil has increased by 1.5 million tons
Traders are watching the harvesting of soybeans in South America and crop forecasts. Argentina only began collecting, while Brazil thrashed them more than 50% of the area.
Dimensions Oil World increased compared to the previous report, the forecast of soybean production in Brazil of 113.5 to 115 million tonnes, which will still yield a harvest in 2018 to 122 mln t. the exports of soybeans in the current season will be reduced to 69.7 million tonnes, which is 17% less than exported last year to 83.6 million tonnes.
Thanks to strong demand from China, during the first 2.5 months of this year, Brazil exported a record 14 million tons of soybeans, 3.4 million tons higher than the figures of the corresponding period last year. However, since June, the pace of exports of Brazilian soybeans will decline.
According to the weekly report stock exchange of Buenos Aires (BAGE), Argentina started harvesting soybeans, and advanced productivity in the Central regions is 5 t/ha, although in other States it may be lower due to the rainy and cool weather. The forecast of soybean production in Argentina experts left at 53 million tonnes, while last year's harvest amounted to 37.8 million tons.