According to the report of USDA, in 20021/22, the soybean production in Brazil was 1.27 billion tons. The market had expected1.290 million tons, and the February report predicted1.340 million tons. In Argentina, in 20021/22, Argentina's output was estimated to be 43.5 million tons, compared with 43.39 million tons before and 45 million tons in February.
From the global situation, the global soybean inventory is 89.96 million tons, the market expectation is 89.46 million tons, and it is estimated to be 92.83 million tons in February. South America's total output has been further lowered, and global inventories have also declined. However, judging from the decline in inventory and Argentina's output, it is not as good as the market expectation, and the impact of the report is slightly empty.