The outlook for global soyabean production in 2017/18 is cut by 2m t m/m, to 347m, down by 1% y/y, including a reduced figure for Argentina. However, due to an increased estimate for carry-ins, supplies are forecast higher m/m and, with uptake reduced, carryovers are raised to 44.1m t, slightly lower y/y. Trade is little changed m/m, at a peak of 153m t, up by 4% y/y. The world harvested area is tentatively projected at a new high in 2018/19, including gains in Brazil and the USA. World soyabean output is forecast at 347m t in 2017/18, only 1% lower than the prior year’s peak as record crops in North America mostly compensate for reduced outturns elsewhere. Total use is predicted at a new high, with aggregate end-season stocks likely to fall. However, major exporters’ inventories are seen broadly steady y/y as heavy accumulation in the USA offsets significant falls in Brazil and Argentina. Trade could be a new high on bigger sales to Asia, while a modest recovery in deliveries to the EU is expected. The Council’s outlook for soyameal trade is for a record of 63.8m t, up by 3% y/y on increased demand from buyers in Asia and Africa. Given prospects for a disappointing soyabean crop, availabilities in Argentina, the world’s dominant supplier, are expected to tighten, with exports seen down by 6% y/y. However, this should be outweighed by bigger shipments by the USA and Brazil. Concerning tentative prospects for 2018/19, the world soyabean harvested area is projected to be up 2% y/y, including gains in the USA and Brazil. Trade will again be shaped by China’s appetite for imports