Hamburg-based oilseeds analyst Oil World said it has cut its estimate of global 2006/07 soyabean production to 221 million tonnes, two million tonnes down from its previous forecast and against 219.86 million tonnes harvested last season.
It now estimates the US 2006/07 crop will be unchanged on the season at 84.00 million tonnes. China's is estimated to fall by 400,000 tonnes to 17.00 million tonnes while India's is estimated at 6.90 million tonnes against 6.95 million tonnes last season.
Brazil's crop is estimated at 53.50 million tonnes, down from 54.80 million tonnes last season. Argentina's is forecast to rise to 41.80 million tonnes from 40.50 million tonnes.
Global 2006/07 soyabean consumption will be above production at 223.70 million tonnes, it said. But large 2006/07 season opening stocks of 60.53 million tonnes means overall season supplies will be an ample 281.50 million tonnes. It estimates US end-August soyabean stocks at 14.5 million tonnes, more than double the 7.0 million tonnes in end-August 2005.
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