Global soybean production is down this month on lower estimates for Russia and Serbia, while exports are raised on greater shipments from Brazil, the United States Department of Agriculture (USDA) said in its latest monthly report.
It said imports are boosted this month with growing demand in China and Bangladesh more than offsetting reduced shipments to the European Union, Mexico, and Pakistan. Global stocks are also lowered this month, reflecting rising crush in Argentina and strong demand for protein meal. The U.S. season-average farm price is lowered slightly.
2015/16 Trade changes:
- Argentina soybean meal exports are up 1.1 million tons to 32.8 million and soybean oil exports are raised 165,000 tons to 5.9 million in response to a larger crush forecast.
- Bangladesh soybean imports are up 100,000 tons to 1.1 million on a strong pace of trade to date.
- Brazil soybean exports are boosted 1.0 million tons to 58.0 million on strong demand mainly from China.
- Canada rapeseed exports are up 300,000 tons to 9.3 million reflecting strong demand from the European Union.
- Soybean imports surge 1.5 million tons to 82.0 million reflecting a strong pace of trade in the first half of the marketing year and continued strong demand for protein meal.
- Rapeseed imports are down 100,000 tons to 4.2 million on an expected slower pace of trade due to lower exportable supplies in Australia and growing soybean imports.
- Palm oil imports are reduced 200,000 tons to 5.5 million as rising soybean crush is providing additional supplies of domestically produced vegetable oil.
- European Union:
- Soybean meal imports are raised 400,000 tons to 20.7 million in response to larger supplies of competitively priced Argentine meal. o
- Soybean imports are lowered 500,000 tons to 13.2 million as increased meal imports reduce the need for soybeans for crush. o Rapeseed imports are up 400,000 tons to 2.8 million reflecting strong domestic demand
- India palm oil imports are lowered by 200,000 tons to 9.4 million as global palm oil supplies tighten.
- South Korea soybean meal imports are increased by 100,000 tons to 1.9 million in response to larger global supplies at attractive prices.
- Malaysia palm oil exports fall 400,000 tons to 17.7 million on a lower production forecast.
- Mexico soybean meal imports are up 150,000 tons to 2.0 million, and soybean imports are down 200,000 tons to 3.9 million, in response to strong meal imports from the U.S. and consequent reduction in domestic crush of imported beans.
- Pakistan soybean meal imports jumped 200,000 tons to 1.2 million, and soybean imports are reduced 250,000 tons to 1.3 million on increased global supply of soybean meal.
- Russia soybean imports grew by 200,000 tons to 2.3 million in response to robust demand.
- Turkey imports of rapeseed are reduced 100,000 tons to 325,000 in response to a slower trade pace.