LOS ANGELES, Feb. 14, 2022 (GLOBE NEWSWIRE) -- Soybean prices are challenged with supply risks, a recent report from IndexBox shows. According to World Bank and USDA data, the average annual soybean price (U.S Gulf Yellow Soybean #2, CIF Rotterdam) amounted to $583 per tonne in 2021, increasing by 43% compared to the previous year’s figure. Despite World Bank predicting the price to pick up 1% y/y to $588 per tonne this year, lower stocks due to poor weather in Brazil, Argentina and other countries may drive price growth.
Global soybean production is expected to reduce slightly by 0.6% y/y to 364M tonnes in 2022 due to lower outputs in Brazil, Argentina, Paraguay, China, Canada, Indonesia, Vietnam and South Africa. Anticipated production increases in the U.S., the EU, Uruguay, India, Russia, Ukraine, and Mexico will not fully offset the drops in other countries.
Despite the harvested area in Brazil, the leading soybean producing country, expanded by 4% over the last year, drought reduced yields sharply. Brazil’s soybean production is expected to fall by 3% y/y to 134M tonnes.
Global Soybean Exports
In 2020, global soya bean exports rose significantly to 173M tonnes, picking up by 11% against 2019. In value terms, supplies soared to $64.1B.
Brazil (83M tonnes) and the U.S. (65M tonnes) dominate the soya bean exports structure, together making up 85% of total exports. Paraguay (6.6M tonnes), Argentina (6.4M tonnes), and Canada (4.4M tonnes) followed a long way behind the leaders.
In value terms, the largest soya bean supplying countries worldwide were Brazil ($28.6B), the U.S. ($25.9B) and Argentina ($2.2B), with a combined 88% share of global exports.
In terms of the main exporting countries, the U.S. (+38% y/y) recorded the highest growth rate concerning the value of exports in 2020, while shipments for the other global leaders experienced more modest paces of growth.
About IndexBox
IndexBox is a market research firm developing an AI-driven market intelligence platform that helps business analysts find actionable insights and make data-driven decisions. The platform provides data on consumption, production, trade, and prices for more than 10K+ different products across 200 countries.
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Companies Mentioned in the Report
Viterra, Cargill, Bunge, Louis Dreyfus Company, Archer Daniels Midland Company, Dupont, Sodrugestvo, Kerry Group, Now Foods, Burcon Nutrascience Corporation, Sotexpro SA, Farbest Brands, Wilmar International, CHS Inc., SLC Group, Olam International, Rusagro, Yug Rusi, Anderson Exports, Grain Millers, Mtk Ltd, Aciassystem, Br Global Import Export Corp.
Sources
World - Soya Beans - Market Analysis, Forecast, Size, Trends and Insights
World - Soybean Oil - Market Analysis, Forecast, Size, Trends and Insights
World - Crude Soybean Oil - Market Analysis, Forecast, Size, Trends and Insights
World - Refined Soybean Oil And Its Fractions - Market Analysis, Forecast, Size, Trends and Insights
World - Soybean Oilcake - Market Analysis, Forecast, Size, Trends and Insights
