Ölsaaten Cockpit, 13.12.2019

In its most recent release, the US Department of Agriculture (USDA) has made only minor corrections over the previous month. Overall, around 337 million tonnes of soybeans are expected to be produced in the 2019/20 marketing year. That would be about 1 million t more than the USDA announced a month ago. Brazil accounts for the largest proportion, with a record harvest of 123 million tonnes expected to be harvested. However, the USDA also dropped out of this number in the previous month. This would exceed the previous year's result by 6 million t and the 5-year average by almost 14 million t. However, global harvest growth is likely to be achieved through higher yields in China than expected in November. At 18.1, around 1 million tons more are to be threshed there. Global consumption has recently been estimated at 350 million tonnes and is unlikely to be covered by production. The processing volume should be slightly larger than expected in November. The reason for this is higher processing in Argentina. Overall, so 302.8 million tonnes of soybeans are likely to be crushed, which would also record levels. However, Argentina is expected to export slightly less soybeans at 8.2 million tonnes. In the previous month exports amounted to 8.8 million.t expected. Since only 149.1 million tons are likely to be sold on the world market worldwide, the USDA has revised the global inventory forecast upwards by 1 to 96.4 million tons. Analysts had expected a lower correction, which recently limited soybean price gains.