Oilseeds analyst Oil World has revised up its forecast of the global 2009/10 soyabean crop again to 258.9 million tonnes, up 0.7 million tonnes from a forecast earlier in May and up by 47.6 million tonnes from last season. This would be above Oil World's forecast of global 2009/10 soyabean consumption of 234.4 million tonnes, according to a report released this week.
The new production estimate is mainly due to a revision of its South American soyabean output estimate for 2009/10, which it now expects to rise by 37 million tonnes to about 134 million tonnes. Hamburg-based Oil World said the excessive supply is set to weigh on prices of soyabeans and meal in coming weeks. "We expect increasing price pressure on soyabeans and soya meal in the next few weeks, unless US weather and crop prospects deteriorate," Oil World said in a note.
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