By Jamie Martin
The USDA Oil Crops Outlook for July 2024 reports a notable increase in global soybean trade for the marketing year (MY) 2023/24, attributed largely to higher exports from Brazil, Argentina, Paraguay, Benin, and Canada.
This uptick sets the stage for an expanded forecast of 180.2 million metric tons for MY 2024/25, marking a 5.1 million metric ton increase over the revised estimates for 2023/24.
Brazil continues to lead in soybean exports, with its forecast for MY 2023/24 revised up to 103.0 million metric tons. Argentina has also seen a bump in its soybean exports to 5.6 million metric tons for the same period.
This surge in South American soybean shipments primarily feeds into China's robust demand, where soybean imports for MY 2023/24 have been adjusted upward to 108.0 million metric tons.
In the U.S., soybean production forecasts for MY 2024/25 are slightly down at 4.4 billion bushels, a decrease of 15.0 million bushels from the previous month but still up significantly from the previous year.
This decrease in production, coupled with steady domestic use and exports, leads to a projection of lower ending stocks at 435.0 million bushels for MY 2024/25.
This dynamic global soybean market reflects not only the shifts in production and export capacities of leading nations but also the pivotal role of China as a primary consumer.
As the 2024/25 marketing year approaches, these developments offer valuable insights for stakeholders in the agricultural sector.
Photo Credit: istock-oticki
Categories: National