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Soybean Outlook: October 2020 Summary
The Soybean excessive food price variability is more than 1500 days in low volatility.
The AMIS Market Monitor reported that Soybean 2020/21 production lowered from last month, with reduced forecasts for the US and Argentina outweighing an upward revision for Brazil, while global output would still be record-high. Utilization in 2020/21 trimmed somewhat, with downward adjustments for Argentina and the EU largely offset by higher forecasts for the US and several other countries; global consumption now forecast to grow by nearly 4 percent y/y. Trade in 2020/21 (Oct/Sept) slightly higher compared to September, as import forecasts are lifted for China and a couple of other countries, while shipments are raised primarily for Brazil. Inventories (2020/21 carry-out) scaled up, mainly reflecting higher forecasts for China, Argentina and Brazil, which overshadow a downward revision for the US.