USDA Forecasts New Highs for Soyabean Trade
The rebuilding of pig herds in China after the African Swine Fever outbreak is expected to drive global soyabean trade to a new high of 161.9 Mt in the 2020/21 (Oct-Sep) market year, according to the US Department of Agriculture’s (USDA) initial forecasts.
China’s soyabean imports are predicted to climb 4.0 Mt to a new high of 96.0 Mt in 2020/21, alongside additional import demand from South East Asia.
US exports are projected to jump 10.2 Mt to a three-year high of 55.8 Mt in 2020/21. Meanwhile, an expected record harvest in Brazil means exports are set to remain close to this year’s estimated 84.0 Mt. Facing increased competition, Argentine shipments are expected to dip to 6.5 Mt.
Initial grain trade forecasts for future crop years should always be treated as tentative.