On March 9, the United States Department of Agriculture released the data of the March supply and demand report: USDA expects global soybean production in 2021/22 to be 354 million tons, lower than the 364 million tons predicted last month and 12.43 million tons less than the previous year; global soybean demand 364 million tons, lower than last month’s forecast of 369 million tons, an increase of 1.61 million tons over the previous year.

Due to the decline in soybean production and the increase in demand, the global soybean ending inventory was 89.96 million tons, lower than the forecast of 92.83 million tons last month and 11.78 million tons less than the previous year.

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