Markets

World soybean production rises to 352Mt

Grain Central, September 28, 2018

GLOBAL soybean production stood at 352 million tonnes (Mt) in 2017, increasing by five per cent against the previous year figure, according to the “World – Soya Beans – Market Analysis, Forecast, Size, Trends and Insights” report published by IndexBox.

It indicated a remarkable growth from 2007 to 2017: the total output volume increased at an average annual rate of 4.8pc over the last 10 years.

In fact, this growth reflects consumption increase quite accurately.

The trend pattern indicated some noticeable fluctuations throughout the analysed period too.

Based on the result of 2017, soybean output increased by 45.5pc against its level of 2012.

The growth pace was the most rapid in 2010, when it surged by 19pc against the previous year level.

The volume of soybean production peaked in 2017, and is expected to retain its growth in the near future.

The general positive trend of soybean output was largely conditioned by a remarkable growth of harvested area and a modest increase of yield figures, that was, though notably high since 2013.

Increasing consumption in China

In 2017, the global soybeans imports amounted to 145Mt, increasing by 9pc against the previous year figure.

It indicated a remarkable growth from 2007 to 2017: the total imports volume increased at an average annual rate of 7.0pc over the last 10 years.

This increase is almost entirely attributed to Chinese consumption and thus import growth.

Although, the trend pattern experienced some noticeable fluctuations throughout the period, such as a jump in imports in 2010, when imports increased by 20pc against the previous year level.

Based on the result of 2017, soybean imports increased by 96.6pc against its level of 2007.

Over the period under review, global soybean imports attained its maximum volume in 2017, and are expected to retain its growth in the near future following the consumption trend.

Brazil/US dominate exports

Brazil (56Mt), and the United States (54Mt) dominate in soybean exports structure, together mixed up 80pc of total exports. These two countries traditionally have strong agricultural capacity.

When the Chinese market opened, they took firm and long-lasting positions in it, which today determines soy export volumes in these countries.

The US and Brazil were distantly followed by Argentina (8.7Mt), comprising 6pc share of total exports. Paraguay (5.7Mt), Canada (4.9Mt), and Uruguay (2.6Mt) occupied the slight share of total exports.

US and Brazilian exports are growing firmly and quickly, while Argentinian exports dynamic is highly volatile.

Also, although Ukraine, Uruguay and Canada are not as large players yet, these three are accelerating soybean exports dramatically.

Ukraine has posted solid gains, with exports increasing by an average 22.8pc per year from 2007-2017.

Source: Indexbox, https://www.indexbox.io/store/world-soya-beans-market-report-analysis-and-forecast-to-2020/

 

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