Friday 25 August 2017

IGC raises global Soybean crop forecast - 25 AUG 2017

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Amid tentative expectations for another season of big crops in leading producers, the International Grains Council (IGC) put global Soybean production in 2017/18 at 347 million tonnes, up from a previous forecast of 345 million tonnes but still below the prior season's record high of 351 million tonnes.

With continued growth in demand for Soybean products set to push total use to a new high, global inventories are likely to tighten, falling by 9%, to 41 million tonnes, albeit still remaining comfortable.

Within the total, major exporters’ stocks are seen contracting by almost one-fifth, to 22 million tonnes. Trade is predicted to expand by 6 million tonnes y/y, to a fresh peak, tied to larger deliveries to Asia.

The USA and Brazil could each export 60 million tonnes or more for the first time in their respective local marketing seasons, IGC said.



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