Mexican soybean production ticks up

Mexican soybean production is expected to rebound in the 2021-22 marketing year based on increased planting, according to a Global Agricultural Information Network (GAIN) report from the US Department of Agriculture (USDA).

The increase in soybean planting is anticipated to boost the country’s overall oilseed production as rapeseed, sunflower seed and peanuts remain low or decline.

The USDA estimates Mexico’s soybean production to be 300,000 tonnes in the 2021-22 marketing year as high international prices are expected to encourage farmers to plant the commodity.

Domestic soybean consumption is forecast to increase 4% in the 2021-22 marketing year to 6.5 million tonnes due to an anticipated demand increase from the feed industry and an expected rise in population. Mexico’s soybean imports also will be driven by the feed industry and population growth, pushing imports to 6.25 million tonnes in the 2021-22 marketing year.

The USDA projects the country’s total soybean meal production in the 2021-22 marketing year to be 5.1 million tonnes, due to expected growth in the livestock sector. The report also noted that the crush pace will be determined by the domestic demand for soybean meal.

WORLD-GRAIN

Tags: Mexico, USDA, soybean production, soybeans