Source: APKinform (Ukraine)
IGC analysts forecast that global soybean production will reach a record level in the 2024/25 marketing year and exceed the previous season’s result by 7% – 419.5 million tons (in the 2023/24 marketing year – 393.2 million tons).
For Brazil, experts have raised the forecast for the soybean harvest – from 161.5 million tons expected in the previous month to 162 million tons (151 million tons in the previous season). The forecast for the USA and Argentina was left at 124.9 (133.3) million tons and 51.5 (49.5) million tons respectively.
Global consumption will also rise to a new high: Global soybean processing will rise to 358.8 million tons (339.5 million tons in the 2023/24 marketing year), including Brazil with 54 million tons (+2.2 million tons) and Argentina with 42.3 (+2.3) million tons.
The forecast for global soybean exports is also raised slightly to 177.9 million tons, compared to 177.1 million tons in the August forecast. Brazil is expected to supply 104.8 (104; 99.8) million tons, the USA 49.9 (49.8; 46.4) million tons and Argentina 5.7 (6.1; 5.7) million tons. At the same time, we note that the preliminary estimate for global soybean exports in the 2023/24 marketing year has been raised by analysts by 2 million tons to 175 million tons (+1% year-on-year), as shipments have been higher than expected in recent weeks.
The forecast for global ending stocks of soybeans in the 2024/25 marketing year has been raised to 82.4 (81.9; 69.1) million tons.