In its latest monthly report, the USDA raised its global harvest estimate and foreign trade forecast for soybeans for 2022/23.
According to the USDA estimate, global soybean production in the marketing year 2022/23 is set to reach 395.4 million tonnes. This is up 680,000 tonnes on the previous month's estimate and up 12.3 per cent from 2021/22. The key reason for expectations of a bumper crop was prospects of increased soy supply in Ukraine, although forecasts from this region should be viewed with caution due to the continuing war. The USDA expects Ukrainian soybean production at around 2.8 million
According to the USDA estimate, global soybean production in the marketing year 2022/23 is set to reach 395.4 million tonnes. This is up 680,000 tonnes on the previous month's estimate and up 12.3 per cent from 2021/22. The key reason for expectations of a bumper crop was prospects of increased soy supply in Ukraine, although forecasts from this region should be viewed with caution due to the continuing war. The USDA expects Ukrainian soybean production at around 2.8 million
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