July 23, 2008

2008/09 global soy crop forecast to hit 241 million tonnes


Global 2008/09 (September-August) soy harvest may rise to 241.26 million tonnes, up 18.5 million tonnes from last season, according to Hamburg-based oilseeds analysts Oil World on Tuesday (July 22, 2008).


World soy production forecasts have improved in the past month, with the US soy crop expected to reach 81.4 million tonnes, up from 72.4 million tonnes in 2007/08, Oil World said.


However, Oil World said weather uncertainties made US soy yields difficult to forecast.


Much of the expected increase in global soy crop may be absorbed by a forecast fall in 2008/09 season opening soy stocks to 60.54 million tonnes, down from 71.87 million tonnes at the start of 2007/08, Oil World said.


Oil World said the prospective growth in global soy supplies will be still relatively modest and below the annual average growth, which will limit the increase in world soy crushings. As a result, Oil World is expecting only a below-average increase in global output of soy oil and soymeal.


Still, 2008/09 soy crushings would reach 210.2 million tonnes, up from 204.56 million tonnes in 2007/08.

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