Global soybean production is slightly lower this month on reduced estimates for India and China that more than offset gains in Argentina and the European Union, the U.S. Department of Agriculture (USDA) said in its latest report.
The USDA raised exports on greater shipments from Brazil and the United States, more than offsetting reductions in Argentina and India.
The report said imports are boosted this month with growing demand in China, Japan, Bangladesh, and Iran. Global stocks are slightly higher this month reflecting increased levels in Argentina and China. The U.S. season-average farm price is unchanged.
Trade changes 2015-16
U.S. soybean exports are raised by 408,000 tons to 46.4 million reflecting stronger global soybean imports led by China.
- Soybean exports are lowered 400,000 tons to 11.4 million in response to strong competition from Brazil and strong demand by local processors.
- Soybean oil exports are up 200,000 tons to 6.1 million in response to competitive pricing and narrow premiums to palm oil.
Bangladesh soybean imports are up 150,000 tons to 1.2 million on the strong pace of trade in first half of its marketing year.
Belarus soybean meal imports are lowered 100,000 tons to 370,000 on the slow pace of trade in the first quarter of the marketing year.
Brazil soybean exports are boosted 1.5 million tons to 59.5 million on strong demand, principally from China.
- Soybean imports are raised 1.0 million tons to 83.0 million on a strong pace of trade in the first half of its marketing year.
- Sunflowerseed oil imports are increased by 100,000 tons to 500,000 on strong demand for food use and a strong pace of trade in the first half of the marketing year.
- Palm oil imports are increased 100,000 tons to 5.6 million on the strong pace of trade in the first and second quarters, a reflection of growing industrial demand.