USDA reduced the forecast of soybean production at 1.6 million tonnes
In a new report, the experts, the USDA lowered the forecast of world soybean production by 1.6 million tonnes, though traders had expected a more substantial reduction.
the Forecast for soybean crop in Argentina was reduced from 56 to 54 million tonnes, although analysts of the Grain Exchange Buenos Aires due to prolonged drought reduced production estimate by 1 million tonnes to 50 million tonnes after last week reduced its forecast from 54 to 51.5 million tonnes, According to experts, the drought damaged 40% of crops of soybeans.
For Brazil, the forecast soybean production increased from 110 to 112 million tons.
due to the reduction in soybean production in Argentina is forecast processing reduced by 1 million tons, so the world ending stocks down to only 400 THD. MT to 98,13 million tons.
Soybean futures rose slightly thanks to the activation of the weekly exports of soybeans from USA, which is twice as many as the previous week and reached 743,223 thousand tons.