IGC estimates higher soybean production - good prospects in the USA - record harvest in Brazil In July, the International Grains Council (IGC) increases its previous month's soybean estimate to 365 million tonnes. The global soybean harvest is around 27 million . t above the previous year's level. Consumption is estimated at 364.5 million tons . The global supply situation improves slightly. The world's largest soybean producer is Brazil with a completed harvest of 125 million tons . Approx. 83 million tons exported . Around 60% of it is shipped to China. In addition, Brazil exports another 16 million tons of soybean meal. Around half of this goes to the EU. A soybean harvest of 130 million t is predicted for the coming harvest in spring 2021 . But in October / November 2020, this must be sown first. The extended attachment plans have already been determined.In the United States , a soybean crop is currently growing under predominantly favorable weather conditions, which the IGC broadly estimates at 112.5 million t (previous year 98.7 million t). The Americans export approx. 56 million tons . Despite political tensions and Chinese punitive tariffs, most of it flows to China. US domestic consumption increases to 62 million tonnes due to the extensive animal husbandry despite the corona virus. US soybean meal exports are estimated at 12.2 million tons. The US inventories that had been accumulated in previous years are halved to 11 million tons. In Argentina , the completed soybean harvest is estimated at only 50 million tons (previous year 55 million tons). Only a small amount of 9 million tons of soybeans are shipped. But more than 30 million tons of soybean meal in increasing amounts and approx. 7 million tons of soybean oil exported. The added value should remain in the home country if possible.However, there are difficulties with the Covid 19 pandemic. The remaining 20% soya production takes place in China with 18 million tons, in India with around 13 million tons, Paraquay with 10 million tons and Canada with 6 million tons. In the EU-27 , approx. 3 million tons of soybean production estimated. China has the highest position on the consumption side with 113 million tons . For this purpose, 96 million tons of beans are imported and processed in their own country. Imports will continue to increase as pig farming rises again. The EU-27 imports only 14 million tons of soybeans , but 25 million tons of soybean meal . The good global supply situation suggests that sufficient goods will be available for the next few months. Soybean meal prices on the leading stock exchanges are at a low level below the € 300 / t line.The euro, which has become more purchasing power, makes imported goods cheaper.
