Big South American soyabean crops will ensure a record world surplus in 2006/07, Hamburg-based analyst Oil World said on Tuesday. It put global production at 233.78 million tonnes against 222.01 million in 2005/06 and 2006/07 consumption of 226.95 million tonnes.
Argentina remained on course to harvest 45.5 million tonnes this year, up from 40.80 million last season, it said. Brazil's crop was forecast at 58.5 million tonnes from 56.9 million. Paraguay's harvest was put at a record 6.0 million tonnes from 3.9 million.
"The net result is a further increase in world stocks of soybeans to an estimated 66.9 million tonnes at the end of this season, up by 6.8 million tonnes from the previous record registered a year earlier," it said.