September 4, 2023

Global soybean production expected to reach 403 million tonnes

The US Department of Agriculture (USDA) forecasts that global soybean production for the current season will approximate 403 million tonnes, with Brazil, Argentina, and the US contributing to 81% of this total, Biofuels International reported.

The USDA has revised its previous forecast, lowering global soybean production expectations for 2023/24 by 2.5 million tonnes. The US soybean crop is now projected to reach only 114.5 million tonnes, reflecting a decrease of 2.6 million tonnes compared to earlier estimates and falling approximately 117 million tonnes short of the previous year's production.

Global soybean consumption is anticipated to reach just below 384 million tonnes, a slight reduction from the previous month's forecast. This represents a significant increase of 20.7 million tonnes compared to the consumption in 2022/23. Notably, major consumers such as China (118 million tonnes), the US (66 million tonnes), Brazil (60 million tonnes), and Argentina (43 million tonnes) have not seen adjustments in their consumption figures.

Despite adjustments in production figures, global soybean ending stocks are expected to reach a record high in 2023/24, with a projected total of 119.4 million tonnes. This forecast reflects a reduction of 1.6 million tonnes, influenced by supply variations in the US, the EU, and Brazil. Despite these changes, there remains a substantial 16.3 million tonne increase compared to the figures from 2022/23.

-      Biofuels International