Commodities Buzz: Soybean Futures Supported Globally As IGC Trims Global Output

27 Oct 2022 , 12:25 PM

The global Soybean futures are trading mixed though the undertone is largely supported as traders eyed the production outlook. The IGC stated that with reduced outlooks for the US and India outweighing an uprated figure for Brazil, 2022/23 global soyabean output is pegged marginally lower m/m, at 386m t, up by 9% y/y (year-on-year). Due to an increased opening stocks estimate, total supplies are placed marginally higher than before and, with consumption unchanged m/m, the Councils expectations for global reserves are uprated by 1m t, to 54m (46m). World import demand is projected at about 166m t (+7%), 1m higher m/m. The US Soybean futures are trading at $13.96 per bushel, up 0.23% on the day. Powered by Commodity Insights