A bumper crop in South America has led to a strong increase in already ample global supply. Whereas consumption was only slightly up, supplies have grown significantly, putting downward pressure on soybean prices.
In its March forecast, USDA raised its outlook for global soybean production in 2016/17 further. World output was estimated more than 4 million tonnes higher than the February forecast to 341 million tonnes, up just less than 9 per cent year-on-year. The rise is due almost exclusively to the expected 4 million tonne increase for Brazil. Consequently, the country would harvest around 108 million tonnes, just less
In its March forecast, USDA raised its outlook for global soybean production in 2016/17 further. World output was estimated more than 4 million tonnes higher than the February forecast to 341 million tonnes, up just less than 9 per cent year-on-year. The rise is due almost exclusively to the expected 4 million tonne increase for Brazil. Consequently, the country would harvest around 108 million tonnes, just less
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