Insights into the global soybean market
Issued by IndexBox - Oct 3rd 2018, 14:18
According to the report "World - Soya Beans - Market Analysis, Forecast, Size, Trends and Insights", recently published by IndexBox, the global soybean production stood at 352M tonnes in 2017, increasing by 5% against the previous year figure.
It indicated a remarkable growth from 2007 to 2017: the total output volume increased at an average annual rate of +4.8% over the last ten years. In fact, this growth reflects consumption increase quite accurately. The trend pattern indicated some noticeable fluctuations throughout the analysed period too. Based on the result of 2017, soybean output increased by +45.5% against its level of 2012 (IndexBox estimates).
The growth pace was the most rapid in 2010 when it surged by 19% against the previous year level. The volume of soybean production peaked in 2017 and is expected to retain its growth in the near future. The general positive trend of soybean output was largely conditioned by a remarkable growth of the harvested area and a modest increase of yield figures, that was, though notably high since 2013.
Global imports boosted by increasing consumption in China
In 2017, the global soybeans imports amounted to 145M tonnes, increasing by 9% against the previous year figure. It indicated a remarkable growth from 2007 to 2017: the total imports volume increased at an average annual rate of +7.0% over the last ten years. This increase is almost entirely attributed to Chinese consumption and thus import growth. Although, the trend pattern experienced some noticeable fluctuations throughout the period, such as a jump in imports in 2010, when imports increased by 20% against the previous year level.
Based on the result of 2017, soybean imports increased by +96.6% against its level of 2007. Over the period under review, global soybean imports attained its maximum volume in 2017, and are expected to retain its growth in the near future following the consumption trend.
Brazil and the U.S. continue to dominate global soybean exports
Brazil (56M tonnes), and the U.S. (54M tonnes) dominate in soybean exports structure, together mixed up 80% of total exports. These two countries traditionally have strong agricultural capacity.
When the Chinese market opened, they took firm and long-lasting positions in it, which today determines soy export volumes in these countries. The US and Brazil were distantly followed by Argentina (8.7M tonnes), comprising 6% share of total exports. Paraguay (5.7M tonnes), Canada (4.9M tonnes), and Uruguay (2.6M tonnes) occupied the slight share of total exports.
The US and Brazilian exports are growing firmly and quickly, while Argentinian exports dynamic is highly volatile. Also, although Ukraine, Uruguay and Canada are not as large players yet, these three are accelerating soybean exports dramatically. Ukraine has posted solid gains, with exports increasing by an average 22.8% per year from 2007-2017.
"World - Soya Beans - Market Analysis, Forecast, Size, Trends and Insights",
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