U.S. soybean production and exports declined in 2021/22 and ending stocks increased. Soybean production is expected at 4.42 billion bushels, a decrease of 23 million bushels. Declining production in Indiana, Iowa, Ohio and Kansas was the main reason for the change in production. Exports were lower this month, reflecting lower global imports, with exports falling shorter than expected in October. As usage declined beyond supply, soybean ending stocks increased by 20 million bushels.
The average U.S. soybean price for 2020/21 is expected to be $12.10 per bushel, down 25 cents. Soybean meal and soybean oil prices remained unchanged at $325.00 per short ton and 65.0 cents per pound, respectively.
Global soybean production fell by 1.1 million tonnes to 384 million tonnes in 2021/22 as lower production in the U.S. and Argentina was partially offset by higher production in India. The area under cultivation declined, and Argentina's production fell by 1.5 million tons to 49.5 million tons. According to the Indian Soybean Processors Association, India's production increased by 900,000 tons to 11.9 million tons. Global soybean exports fell by 1 million tonnes to 172.1 million tonnes, partially offset by increases in exports from Brazil and India, of which declining exports from Argentina and the United States were offset in part. Due to the decline in exports, China's imports were reduced by 1 million tons to 100 million tons. Global soybean stocks fell 800,000 tonnes to 103.8 million tonnes as lower inventories in Argentina and China were partially offset by higher U.S. inventories.
This article is derived from oil meal noodles