Global soybean production in 2018/19 could reach record level

In Germany, UFOP reports that global 2018/19 soybean production is estimated significantly higher than the previous month. The U.S. Department of Agriculture raised its forecast for the U.S. considerably, now expecting a bumper crop.

The reason is an unexpected strong increase in U.S. crop expectations for 2018. According to the outlook, the U.S. could harvest just less than 125 million tons of soybeans. This would be up around 5 million tons year-on-year and just about 8 million tons more than expected in July. According to information published by Agrarmarkt Informations-Gesellschaft (AMI), the U.S. soybean acreage is slightly smaller than 2017. However, virtually optimal growing conditions could raise yields to a level more than 5 per cent higher than the previous year. The forecast of Brazilian soybean production in 2019 is unchanged at just less than 121 million tons.