USDA's global soybean market review for March 2023

Published 2023년 3월 9일

Tridge summary

Argentina's soybean production has experienced a decline for the third consecutive month in 2022/23 due to hot and dry weather, dropping by 8.0 million tons to a 14-year low of 33.0 million tons. This will have implications for global trade, with Argentina's imports projected to hit a record 7.3 million tonnes, supported by strong crops in Brazil and Paraguay. Global soybean meal and oil trade volumes have decreased due to high prices in Argentina and the US, although Brazilian soybean oil exports have risen slightly. Vietnam is experiencing growth in soybean and soybean meal imports, driven by its livestock, poultry, and aquaculture sectors, with Argentina being the main supplier. The USDA has revised its methodology for calculating soybean production in Uruguay, leading to revisions for production estimates from 2009/10 to 2022/23.

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

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 ...

Source: Zol