Mumbai, January 19( Commoditiescontrol) The U.S. Department of Agriculture's (USDA) Foreign Agricultural Service post in Brasilia has reduced its 2021-22 forecast for soybean planted area to 40.4 million hectares (ha) and soybean production to 136 million metric tons (MMT).
As per the USDA attaché, this season sowing began optimistically, with most soybeans planted on time compared to last year. However, extreme weather, with drought in some regions and excessive rain in others, has reduced prospects for a record crop.
The USDA attaché has also dropped the 2021-22 soybean export forecast to 88 MMT. Based on strong performance in the 2020-21 season, Post revised up the soybean export estimate to 88.5 MMT, a new record.
For the 2021/22 MY, Post adjusted down slightly the soybean processing forecast to 46 MMT, and maintained the 2020/21 crush estimate at 46.5 MMT of soybeans. The crush forecast and estimate is driven by domestic soy oil demand, which will likely decline when the biofuel mandate is reduced to 10% in 2022. With China's strong appetite for Brazilian soybeans, Brazilian soy stocks will hover at less than 5% of the domestic supply.
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