Oil World analysts have increased their forecast for global soybean production in the 2024/25 marketing year by 1.9 million tons - to 418.4 million tons. This is 23.1 million tons more than in the previous season, agronews.ua reports.In Brazil, which remains a key player in the global soybean market, the harvest is almost complete. The yield was higher than expected in states such as Mato Grosso, Goiás, Bahia, Minas Gerais and São Paulo. At the same time, the results in Rio Grande do Sul were disappointing - the average figure was only 2 t/ha. However, due to the increase in sown areas, total Brazilian soybean production will reach about 169 million tons, which significantly exceeds last year's 154.6 million tons.In the US, analysts predict a harvest of 118.84 million tonnes (versus 113.27 million tonnes in 2023/24 MY), and in Argentina - 49 million tonnes, which is in line with last year's result.At the same time, global soybean processing is expected to fall slightly short of previous forecasts due to downward adjustments for Argentina, Brazil and China in the second half of the current season.
Overall, in 2024/25 MY, processing will amount to 350.73 million tonnes compared to 330.31 million tonnes a year earlier.World ending soybean stocks are estimated at 121.63 million tonnes, which is significantly higher than last year's 109.67 million tonnes. The main reserves are concentrated in Brazil - 47.5 million tons (in 2023/24 - 38.46 million), Argentina - 34.26 million tons (31.48 million), and the USA - 10.6 million tons (9.32 million).
Source: https://agronews.ua/news/svitove-vyrobnycztvo-soyi-u-2024-25-mr-perevyshhyt-ochikuvannya/
