NTR - International Grains Council cuts Soybean estimates amidst doubling of prices

Soybean prices have been on the rise, up ~25% ytd and having almost doubled in price since 2020. Thursday, the International Grain Council released a report citing "dwindling yield potential in South America" and providing the Council's forecasts for the year: Stockpiles - world soybean stockpiles in the 2021/2022 season are now seen at 43mt, down 17% from a prior estimate released in January, and down 35% from pre-pandemic levels. Production - production is now estimated at 161mt, down from prior estimates of 167mt, and flat with estimated production for the 2020/2021 season. Planting - the IGC sees soybean-planted acreage rising 2% year on year, while corn and barley planting is forecast to be flat this season. The IGC notes that "with high input costs complicating calculations about the relative profitability of spring crops, forecasts will be kept under close review in the months ahead." This on the back of

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International Grains Council cuts Soybean estimates amidst doubling of prices