During the “FAT-AD-OIL 2022” conference, analysts from the International Grain Council stated that rising production in South America may cause world soybean production to increase by 10% annually to 352. 2 million tons in 2022/23.
Analysts predicted that the output of soybeans will increase by the most in Paraguay (by 135% to 10 million tons), Brazil (by 175% to 145 million tons), and Argentina (by 9% to 48 million tons).
They noted that although the United States might drop production by 1. 6 million tons to 119. 2 million tons, China could expand its soybean harvest by 19% to 19. 5 million tons.
According to them, the global seed crop might expand by 12% annually and total 82. 3 million tons in the 2022–23 growing season.
They stressed that a high consumption will result from both the most competitive palm oil pricing and the robust demand from the crucial diesel fuel sector.
It is anticipated that the world would produce more than 352 million tons of soybeans.
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