In a June report, USDA experts raised forecasts for soybean production and inventories
In the June report, WASDE experts increased their forecast for total global oilseed production in 2021/22 MG by 0.6 million tons to 632.9 million tons compared to May estimates due to higher estimates of the rapeseed crop in the EU and Australia. In addition, estimates of soybean stocks in the United States and Brazil were increased.
In the global balance sheet for my 2020/21, the forecast for soybean production was increased by 1.12 million tons to 364.07 million tons (339 million tons in my 2019/20) compared to previous estimates, due to an increase in the harvest in Brazil by 1 million tons to a record 137 million tons (128.5 million tons in my 2019/20).
The forecast for global soybean consumption was lowered by 0.34 million tons to 368.99 million tons (356.82 million tons in 2019/20 MG) due to reduced processing in the United States, so the estimate of Final reserves was increased by 1.45 million tons to 88 million tons (96.52 million tons in 2019/20 MG).
In the world balance sheet for 2021/22 MG, production and consumption forecasts in comparison with May estimates remained unchanged, but due to the increase in initial reserves, the final estimate was also increased by 1.45 million tons to 92.55 million tons, which is 4.55 million more than the current season, although analysts estimated them at 91.22 million tons.
In general, the new soybean balance turned out to be "bearish", so on the Chicago Stock Exchange yesterday, July soybean futures fell by 1.2% to 5 567/ton, while November futures rose by 0.75 to.536.1/ton, as traders do not believe in forecasts of an increase in the soybean harvest in the new season.