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Post increased its forecast for soybean planted area to 42.8 million hectares for 2021/22, up previously from 42.5 million hectares. Brazil continues to expand its area due to record high domestic soybean prices. Post forecasts a record harvest at 148.5 million metric tons (MMT), increased from 144 MMT previously with planting starting earlier this year as well.

This report updates several sections of the European Union’s “Oilseeds and Products Annual” report released in April 2022. Updated sections include soybean, rapeseed, and sunflower. Increased areas of about 10 percent for all three major oilseeds but lower average yields for sunflower, and rapeseed are forecast to result in a total of about 3 percent higher production in MY 2022/23.

According to the Argentine government, farmers sold a record volume of soybeans, more than 13.7 million metric tons (MMT) in September, after the government offered a special exchange rate for producers. As a result, exporters booked nearly 4 MMT in export declarations, with China as the principal destination.

Post revises the total feed demand forecast down to 26.6 million tons in MY2021/22 as Vietnam continues to face issues with African Swine Fever, inflation, and high feed ingredient costs.

Interactive Tableau visualization showing the percentage of exported agricultural production for 25 top commodities.

Malaysia was the 25th largest export destination for U.S. agricultural products in 2021 and is a top prospect for exports of food and beverage ingredients because of its large and growing food processing industry. Food and beverages manufactured in Malaysia not only serve domestic consumers but are also exported to many neighboring countries. U.S. exporters of dairy products, fresh and processed potatoes, food-grade soy, processed fruit and juices, tree nuts and more have many opportunities to supply Malaysian industry which depends on imports for key ingredients and inputs, and in doing so will reach consumers across Malaysia and throughout Southeast Asia.

China’s slowing economy and COVID-related restrictions continue to weaken demand for oilseeds for feed and food use. Soybean imports for marketing year (MY) 21/22 and MY 22/23 are revised downward to 92 million metric tons (MMT) and 96.5 MMT, respectively, on weak demand for vegetable oil in the food service sector and soybean meal (SBM) in the swine and poultry sectors.

India’s soybean production estimate for marketing year (MY) 2022/23 (October-September) is slightly lowered to 11.4 million metric tons (MMT) because of the impacts of the delayed and erratic 2022 monsoon. Cumulative edible oil imports in the October 2021 to June 2022 period have increased one percent to 10.l MMT, and crude palm oil remains the primary consumed oil.

U.S. exporters can find ample opportunities in the Iberian Peninsula. Spain is the third-largest European Union (EU) destination for U.S. agricultural products, with Portugal ranking 11th. In 2021, the United States exported $1.6 billion of agricultural products to Spain, or 15 percent of total U.S. agricultural exports to the EU. The United States held a 4 percent market share of Spain’s agricultural imports and 2 percent market share in Portugal, behind other EU member states as a group and Brazil.

For 2022/23, Post forecasts soybean planted area at 42.5 million hectares (ha), and production at 144 million metric tons (MMT), based on a yield of 3.39 mt per ha. The estimate was raised, as Brazil has managed to secure sufficient fertilizer...

Interactive Tableau visualization showing the growth in exports of several key bulk agricultural commodities since 1989.

Soybean imports for marketing year (MY) 21/22 are revised downward to 94 million metric tons (MMT) due to slower economic growth, high prices, and COVID-related restrictions depressing meal and vegetable oil consumption. Soybean production for MY 22/23 is forecast higher at 18.4 MMT on expanded planted area supported by high prices and government incentives.