Source: Ukragroconsult (Ukraine)
In the August issue of WASDE, the forecast for the soybean harvest in Ukraine was raised by 1.3 million tons to a record 6.8 million tons. This is due to an increase in the area under cultivation by 0.7 million hectares to an all-time high of 2.9 million hectares.
Ukrstat estimates the area under soybean cultivation in Ukraine at 2.6 million hectares. The WASDE yield forecast for soybeans in Ukraine remains at 2.35 tons/hectare.
Crop estimates in other countries:
- India – increase of 0.6 million tons to 12.8 million tons,
- USA – increase of 4.2 million tons to 124.9 million tons due to larger areas and yields that exceeded market expectations,
- Russia – increase of 0.7 million tons to 7.3 million tons.
Overall, the global soybean harvest forecast for the 2024/25 marketing year is increased by 6.9 million tons to 428.7 million tons.
Global exports increase by 1 million tons to 181.2 million tons. Export forecasts by country:
- USA – increase of 0.7 million tons to 50.4 million tons “due to increased supply with stable processing”,
- Ukraine – increase of 0.8 million tons to 4.3 million tons,
- Russia – increase of 0.4 million tons to 1.3 million tons,
- Argentina – decrease of 1 million tons to 4.5 million tons.
Global soybean consumption will increase by 1.3 million tons to 402.8 million tons. Global ending stocks for the 2024/25 marketing year are increased by 6.5 million tons to 134.3 million tons.