Estimates of World Soybean Production

By CnAgri2012-10-24 15:33:34 Print

USDA has recently raised its estimates of soybean production in the USA, Brazil and Argentina in 2012/2013 to 77.84 million MT, 81 million MT and 55 million MT respectively, higher than its former figures. This has affected CBOT soybean futures price recently as a result.

China’s soybean imports registered 4.97 million MT in September and are predicted to be 3.5 million MT in October. BOABC predicts a total soybean import volume of 57.5 million MT this year, 9.3% more than last year.

Imported soybeans were sold at RMB4,971/MT at Chinese ports on October 22, parallel to last week but down RMB114/MT from a month ago. BOABC anticipates a moderate soybean price decline in the short run.

From “China Oil and Oilseeds Market Weekly Report”