American soybean production increased and export decreased in 2002 / 03

Introduction: According to the June supply and demand report released by the U.S Department of agriculture on Wednesday evening, the soybean planting area in 2002 increased by 500000 acres compared with the planting intention report in March, from 73 million acres to 73.5 million acres, while the harvest area also increased from 71.7 million acres predicted last month to 72.2 million acres, and the output also increased to 2870 million bushels from 2850 million bushels predicted last month This is mainly due to the fact that the eastern corn belt of the United States has been rainy during the sowing period, resulting in the delay of corn sowing, so that part of the area originally intended to be sown corn is to be relayed with soybeans This month, the U.S Department of agriculture lowered its initial inventory of U.S soybeans for 2002 / 03 from 260 million bushels to 240 million bushels, mainly due to the expected growth of soybean exports to a record 1.035 billion bushels in 2001 / 02 Meanwhile, the U.S Department of agriculture's 2002 / 03 U.S soybean export forecast was lowered by 10 million bushels from 975 million bushels last month to 965 million bushels As can be seen from the above report, this month's adjustment of the supply and demand balance of U.S soybeans in 2002/03 has a negative color, increasing the output and reducing the consumption, which eventually leads to the increase of the end of period inventory of soybeans in 2002/03 from the 255 million bushels predicted last month to 265 million bushels, an increase of 25 million bushels compared with the end of period inventory predicted in 2001/02.