# USDA forecasts strong global soyabean trade but lower meal and oil…

> USDA's April Oilseeds report forecasts 2022/23 global soybean trade stronger than last year, driven by record Brazilian production and strong demand. Global soybean meal and oil exports are forecast lower due to Argentina's drought, with soybean meal imports at their lowest in six years.

- Date: 2023-04-26 · published 2023-04-26T12:00:00.000Z
- Category: report · region Global · magnitude medium
- Page: https://feedsoft.ai/events/36486-usda-forecasts-strong-global-soyabean-trade-but-lower-meal-and-oil
- Commodities: [Soybean Meal](https://feedsoft.ai/c/SBM.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md), [Soybeans](https://feedsoft.ai/c/SOY.md), [Canola Meal](https://feedsoft.ai/c/CANMEAL.md), [Sunflower Meal](https://feedsoft.ai/c/SUNMEAL.md)

## Why it matters

Reduced Argentine meal and oil exports tighten global protein supply, supporting meal prices and encouraging buyers to substitute rapeseed and sunflower meal.

## Read by commodity

- SBM: bullish ▲
- SBO: bullish ▲
- SOY: neutral
- CANMEAL: bullish ▲
- SUNMEAL: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SBM | 2020-09-11 | [USDA Lowers Corn and Soybean Forecasts \| AgWired](https://feedsoft.ai/events/50974-usda-lowers-corn-and-soybean-forecasts-agwired.md) | +6.2% | +15.5% |
| SBM | 2021-05-06 | [USDA forecasts drop in Argentine soyabean output and exports](https://feedsoft.ai/events/46935-usda-forecasts-drop-in-argentine-soyabean-output-and-exports.md) | +5.8% | -6.7% |
| SBM | 2023-03-20 | [USDA lowers global oilseed production forecast due to plunging…](https://feedsoft.ai/events/36974-usda-lowers-global-oilseed-production-forecast-due-to-plunging.md) | -4.3% | -1.0% |
| SBM | 2023-10-12 | [USDA Further Trims Its Forecasts for US Corn and Soybeans](https://feedsoft.ai/events/13238-usda-further-trims-its-forecasts-for-us-corn-and-soybeans.md) | +9.0% | +19.9% |
| SBM | 2022-12-20 | [USDA lowers 2022/23 global oilseed production forecast by 1M tonnes](https://feedsoft.ai/events/38366-usda-lowers-2022-23-global-oilseed-production-forecast-by-1m-tonnes.md) | +0.5% | +7.4% |
| SBO | 2019-07-17 | [Strong global demand fuels sunflower oil trade](https://feedsoft.ai/events/58214-strong-global-demand-fuels-sunflower-oil-trade.md) | +0.1% | +4.2% |
| SBO | 2023-03-20 | [USDA lowers global oilseed production forecast due to plunging…](https://feedsoft.ai/events/36974-usda-lowers-global-oilseed-production-forecast-due-to-plunging.md) | -1.6% | -4.1% |
| SBO | 2021-02-04 | [WASDE forecasts rise in use of soyabean oil in biodiesel](https://feedsoft.ai/events/48508-wasde-forecasts-rise-in-use-of-soyabean-oil-in-biodiesel.md) | +1.9% | +10.1% |

## Sources

- ofimagazine.com: https://www.ofimagazine.com/news/usda-forecasts-strong-global-soyabean-trade-but-lower-meal-and-oil-exports

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.