March 2020/2023 global soybean production forecast decline

Published 2023년 3월 16일

Tridge summary

The article highlights a decrease in Argentina's soybean processing, leading to a drop in total consumption by 4 million tons and a decrease in inventories. Despite this, trade remains steady and is around 7% higher than last year. The International Grains Council predicts a rise in the global harvest for the 2023/2024 season, with an increase in production due to more acreage and higher yields. This is driven by the growing use of soybeans in the feed, food, and industrial sectors. Trade is expected to hit a record 173 million tonnes, showing a 4% increase.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Combined with the prospect of a significant reduction in processing in Argentina, the forecast for total consumption was reduced by 4 million tons and inventories also fell month-on-month. Trade remained unchanged month-on-month and was approx. 7 percent. higher year-on-year Initial outlook for the 2023/2024 season points to a larger global harvest, with expected increases in consumption, inventory and trade. Increase in soybean trade With a moderate increase in demand, inventories will shrink. Based on deliveries to China, Argentina and many other suppliers, a solid growth in trade is projected (+7%). IGC predicts that global production in the 2023/2024 season will increase by 29 million tonnes ...

Source: Farmer.pl