USDA Upgrades South American Soya Outlook
The US Department of Agriculture (USDA) has downgraded its forecast for US soya (beans & meal) exports in 2015/16 (Oct-Sep) by 1.5 Mt to 57.5 Mt following recent strong volumes from South America. The forecast for Brazilian soya exports in 2014/15 has been raised by 3.4 Mt to 64.8 Mt, while Argentina has been increased by 2.1 Mt to 37.5 Mt. China's soyabean import forecast has been raised by 3.0 Mt to 77.0 Mt to reflect increasing demand and an accelerated pace of trade with South America. Furthermore, Brazil's coarse grain export forecast for 2015/16 (Oct-Sep) has been raised by 1.5 Mt to a record 28.0 Mt.