Global soybean production is raised this month as a higher U.S. yield resulted in a larger production
forecast. Global rapeseed production is adjusted lower due to reduced forecasts for Canada,
Australia, the EU, Belarus, and Ukraine. Soybean trade is forecast to reach new highs despite the
lower U.S. forecast, as record South American supplies and lower prices spur additional sales.
Significant increases in sales to China, the EU, and Iran are anticipated. Global soybean stocks are
reduced, reflecting strong growth in protein meal and vegetable oil consumption. The U.S. seasonaverage
farm price is reduced to $9.15/bu