In Ukraine, UkrAgroConsult reported that the USDA has kept its forecast for Ukraine’s soybeans at 7.6 million tons but lowered its global production forecast by 1.29 million tons to 426.39 million tons of soybeans compared to the July report.
The main adjustment to the global soybean balance is related to a decrease in the US harvest forecast by 1.1 million tons to 116.82 million tons due to a reduction in the sown area by 2.5 million acres to 80.9 million acres, despite an increase in yield to 53.6 bushels/acre (3.6 t/ha).
This led to a reduction in the forecast for US soybean exports from 47.5 million tons to 46.4 million tons as China prefers purchases from Brazil and Argentina. World ending soybean stocks were reduced by 1.1 million tons to 124.9 million tons, according to the report.
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Category: Food & Agriculture
