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Home >> Market >> News >> News Details

Commodity Futures - Pre-session commentary
09-Nov-2018     08:59

USDA Reduces Global Soaybean Production By 2 Million Tons For 2018/19

As per the latest release from United States Department of Agriculture (usda) , the 2018/19 global oilseed outlook includes lower production, exports, and increased stocks compared to last month. Lower production of soybeans, cottonseed, peanuts, and rapeseed is partly offset with a higher forecast for sunflowerseed. Reduced global peanut and rapeseed production is largely driven by historical revisions issued by China's NBS. Global soybean production is reduced 2.0 million tons with lower production for the United States and Argentina partly offset by increases for China, India, and Ukraine. Global soybean exports are reduced 2.0 million tons to 155.4 million. Lower U.S. exports are partly offset by a 2-million-ton increase for Brazil and higher shipments out of Ukraine and Russia. With limited U.S. commitments to China so far this marketing year, China's soybean imports are lowered 4 million tons to 90 million. China's crush is also lowered, but protein meal consumption growth is expected to remain positive with support from available foreign exportable supplies. South America is expected to capture more of China's soybean market while the United States is likely to capture more market share in the rest of the world, particularly in the second half of the marketing year when those imports typically trend higher. Global oilseed stocks are up 2.4 million tons to 126.2 million mainly on higher stocks of soybeans and sunflowerseed. Global soybean stocks are up 2.0 million tons to 112.1 million, with higher stocks in Argentina, India, and the United States that are partly offset by lower stocks in China and Brazil.

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