USDA Cuts Soyabean Export Forecasts
The US Department of Agriculture (USDA) has cut its forecast for Brazilian soyabean exports in the 2021/22 (October-September) market year by 3.5 Mt to 90.5 Mt, although this would still be 8.9 Mt higher year-on-year. Similarly, projected Argentine soyabean exports were cut by 1.1 Mt to 3.8 Mt, with forecast soyameal shipments unchanged at 28.0 Mt. Dry weather in South America over the past two months means smaller harvests are expected with exportable supplies to be reduced as a consequence.
The USDA cites US exporters as possible beneficiaries of reduced competition from South American producers, the country is projected to ship 55.8 Mt of soyabeans in 2021/22 (September-August).