USDA's global soybean market review for March 2023
Soybean
RBD Palm Oil
Published Mar 9, 2023
Tridge summary
For the third month in a row in 2022/23, soybean production in Argentina has declined as hot, dry weather continues to weigh on yields in key growing regions. This month, production fell by 8.0 million tons to a 14-year low of 33.0 million. Rapidly falling shipments and processing in Argentina will impact global trade in soybeans, protein meals and vegetable oils in the coming months.
Original content
For the third month in a row in 2022/23, soybean production in Argentina has declined as hot, dry weather continues to weigh on yields in key growing regions. This month, production fell by 8.0 million tons to a 14-year low of 33.0 million. Slowly falling supplies and processing in Argentina will impact global trade in soybeans, protein meals and vegetable oils in the coming months. To offset limited domestic soybean supplies, Argentina's imports (October-September) are forecast to hit a record 7.3 million tonnes. Argentina's importers are expected to benefit from a record crop in Brazil and a recovery in production in Paraguay to supplement a weak domestic crop. As a result, Argentina is expected to post the second-largest soybean import growth after China in 2022/23, oilworld.ru reports citing the USDA. For soy products, total trade is forecast to decline this month. Global soybean meal trade is down more than 1.0 million tons from a month ago as tight supplies from Argentina ...
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