Record soybean production forecast for Brazil in the new season

World production

World Soybean production for the 2019-20 season, which will begin on October 1, 2019, is estimated at 347.04 Mio Tons, -4.4% from the previous season.

Brazil is expected to overtake the United States as top Soybean producer, with a share of 35% due to a significant production increase (+5.1% compared to the current season). Projections for the United States are for lower planted and harvested area, and Soybean production in estimated at -15.4%. Soybean supply is slowing also for Argentina (-5.4%).

Global export

Global Soybean export, down 1.9% in the current season, is expected to recover in the new season (+0.7%), due to higher exports for the United States.

Looking at the 2018-19 export data, in the first 5 months of 2019 the U.S. recorded -2.7%, with lower volumes sold to China and Japan, in comparison with last year.

Global import

China, the main world Soybean importer, is expected to increase its imports in the new season: +2.4% compared to 2018-19 season.

For the EU-28, imports are forecast to slow down (-4.4%). EU data for the first 5 months of 2019 show a +3.6% increase in Soybean imports.

Italian import

In the first four months of 2019, Italy increased Soybean imports +16.8%, compared to January-April 2018. The United States and Brazil are the main suppliers, more than offsetting the sharp decline in purchases from Canada.