US Department of Agriculture(USDA) has reduced outlook for Indian soybean exports. India soybean exports are halved to 100,000 tonnes, reflecting smaller crop estimates and continued weak export volumes, as per USDA monthly forecast.
U.S. soybean exports are raised by 408,000 tonnes to 46.4 million reflecting stronger global soybean imports led by China. Brazil soybean exports are boosted 1.5 million tonnes to 59.5 million on strong demand, principally from China.
Global soybean production is slightly lower this month on reduced estimates for India and China that more than offset gains in Argentina and the European Union. “Exports are raised on greater shipments from Brazil and the United States more than offsetting reductions in Argentina and India,” says USDA.
Imports are boosted this month with growing demand in China, Japan, Bangladesh, and Iran. Global stocks are slightly higher this month reflecting increased levels in Argentina and China. The U.S. season-average farm price is unchanged.
Source: Commodity Online