IGC reduces estimate of soybean harvest 2022/23 by - 6 mln t compared to previous month. In its most recent February 2023 issue, the International Grains Council (IGC) estimated the global soybean harvest at just 378 million tonnes. In January 2023, the IGC assumed 384.5 million t. But the persistent drought in Argentina has contributed to a reduction from 4.5 million t to just 37.5 million t. In earlier decades, Argentine harvests were over 50 million tons. The US soybean harvest was classified as 2 million t lower than in January 2023 and is now only 116 million t (previous year 121.5 million t). On the other hand, record production in Brazil remains at 149.5 million t (previous year: 126.5 million t), whose harvest progress is currently being delayed by rainfall. China is on the demand side with 115 million t or a share of 31% of global consumption. In addition to the 20 million tons of domestic production, the Chinese are expected to import 96 million tons, mainly from Brazil. In comparison, the EU-27 produces around 2.5 million tons and imports 17 million tons of soybeans.In addition, there are 14 million tons of soybean meal, primarily from Argentina and the USA. The global ending stocks are in the good midfield compared to previous years. While soybean oil prices are falling due to competition from cheap palm oil, the average soybean meal price has risen with some fluctuations. In the further course of 2023, however, the forward rates are signaling a clear downward trend.
