International Grains Council (IGC) trimmed its monthly global soybean production forecast by 5mn t to 318mn t thanks to Argentina’s recent troubles with heavy harvest rains, still leaving the forecast within a whisker of last year’s record.
Even so, the cut is expected to tighten global carryovers by 16% to 32mn t, IGC said, the smallest in three years, with global trade seen swelling to 133mn t thanks to expanding Asian appetites for Americas’ beans.
Global soybean output as recently as the 2013/2014 marketing year was 285mn t, according to IGC.
IGC said a “much tighter” scenario is seen for rapeseed and canola in 2016/2017 amid another forecast drop in output. Aggregate inventories are pegged at 4.4mn t, down 20% on tighter Canadian output in particular.
MS – 28/04/2016