IGC Lifts 2020/21 Soyabean Trade Forecast
The International Grains Council (IGC) forecast 2020/21 (Oct-Sep) global soyabean trade at a record 164.3 Mt, up 2.8 Mt from July’s projection and 1.6 Mt higher than the 2019/20 total. Chinese soyabean imports are projected to rise to a new high of 98.5 Mt (+2.0 Mt from July’s forecast). Moreover, North Africa, the Near East and South Asia could potentially buy more supplies to meet rising demand. US soyabean exports are anticipated to grow to a four year high of 57.3 Mt (+1.7 Mt from July). Meanwhile, Brazilian exports are expected to fall in 2020/21, although projected shipments were revised up to 82.6 Mt.