Long-Term World Soybean Outlook
Projection between 2020 and 2029 is for production to reach 458 MMT or increase by 27%
Doane’s economists recently updated the International Agriculture Outlook report, which includes 10-year forecasts of harvested area, yield, production, utilization, per capita consumption and net trade of coarse grains, corn, soybeans, wheat, cotton, and rice for 17 countries or major regions that encompass the world, reports USSoy.org.
The major changes from the November 2019 report included the U.S./China trade war entering Phase One of a trade deal, the COVID-19 pandemic, China aggressively rebuilding its animal operations, and energy prices collapsing.
Although the trade war may never be fully resolved, a new “normal” is being discovered. The reality is the U.S. and China need each other to maintain growth in their respective agricultural economies.
From 2010 to 2019, world soybean production increased to 338 MMT or an increase of 27%. The projection between 2020 and 2029 is for production to reach 458 MMT or increase by 27%.
Read the full report at USSoy.org.