Soybean

The latest USDA World Agricultural Supply and Demand Estimates has been released, citing sharply lowered US production and supply estimates for both corn and soybeans. The reduction in US supplies is expected to impact global supplies and trade as well.

Global soybean production is projected at 267.2 million tons, a decrease of 3.9 million tons that can be attributed largely to lower production in the United States. US soybean exports for 2012/13 have been reduced 115 million bushels to 1.37 billion.

Global maize and soybean prices have skyrocketed in recent weeks and experts fear that price increases will be unabated as dry weather in the US Midwest continues for at least another week.

The FAO Global Food Price Index averaged 214 points in April, down 3 points from the previous month. Cereals prices aided this decline with a drop of nearly 2 percent from March and 16 percent from April 2011. Maize prices declined on solid production prospects, while wheat and rice prices also fell marginally. Soybean prices, on the other hand, surged on fears of tightening global supplies.

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The USDA Economic Research Service (ERS) has released its monthly crops outlook. The reports track US and international production, stocks, and trade data for major commodities and agricultural goods. The April reports cite an anticipated reduction in US soybean acreage due to a surge in corn planting; Brazil and Argentina also saw reductions in their estimated soybean production due to drought. These reductions could bring global soybean export levels down by 4 percent.

FAO has released the latest global Food Price Index, citing a 1% increase in food prices in February. Despite this increase, the Food Price Index for February remains 10% below its peak in February 2011.