World soybean demand in 2019-20 marketing year (October-September) is projected at 148.86 million tonnes, up 1% year on year, due to increased Chinese purchases, according to the latest report by the US Department of Agriculture (USDA).
The world's top soybean importer, China is expected to buy 85 million tonnes of soybeans in 2019-20, up 2.4% on year, despite African swine fever, the USDA said.
Other major markets with higher soybean demand in 2019-20 were Mexico, Egypt, Japan, Thailand, Indonesia, Taiwan and Turkey, the report said.
Brazil is set to remain the top soybean exporter in 2019-20 marketing year at 76.5 million tonnes, up 0.6% on July estimate, the USDA said.
Brazilian soybean production in 2019-20 is seen at 123 million tonnes, up 5% year on year, while domestic soybean consumption is projected at 46.6 million tonnes, up 1.5% on the year, the data showed.
Soy meal shipments by Brazil, world's second-largest exporter, in 2019-20 are projected at 15.2 million tonnes, down 5.6% on year, the report said.
US soybean production in 2019-20 marketing year (September-August) is expected at 100 million tonnes, down 19% on year, as the unfavorable spring weather decreased the planted area estimate, the USDA said.
Soybean exports by the US in 2019-20 are seen at 48.3 million tonnes, up 4.4% year on year, while the ending stocks are at 20.5 million tonnes, down 30% on the year, the data showed.
Argentina soybean production in 2019-20 marketing year is forecast at 53 million tonnes, down 5.3% on year, the USDA said.
Soybean exports by the South American nation in 2019-20 is seen at 8 million tonnes, up 3.2% year on year, while the ending stocks are at 27.2 million tonnes, down 10.5% on the year, the data showed.