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USDA Raises 2024-25 Global Soybean Production Estimates To 429.20 Million Tonnes

USDA raises 2024-25 global soybean production estimates to 429.20 million tonnes - Commoditiescontrol.com

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15 views1 page

USDA Raises 2024-25 Global Soybean Production Estimates To 429.20 Million Tonnes

USDA raises 2024-25 global soybean production estimates to 429.20 million tonnes - Commoditiescontrol.com

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Pravin Kumar
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9/12/24, 11:49 PM USDA raises 2024-25 global soybean production estimates to 429.20 million tonnes - Commoditiescontrol.

com

USDA raises 2024-25 global soybean production estimates to


429.20 million tonnes
12 Sep 2024 11:47 pm

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NEW DELHI, Sep 12 (Commoditiescontrol) - In its latest September 2024 report, the US Department of Agriculture
(USDA) has revised upwards its global soybean production forecast in 2024-25 at 429.20 million tonnes as compared to
428.73 million tonnes projected in August 2024.

Global soybean trade for 2024/25 is projected higher at 181.6 million tonnes on higher exports for
Paraguay and imports for Argentina. Global soybean ending stocks are estimated to increase by 0.3 million tonnes to
134.6 million tonnes as higher stocks for Argentina and Canada are partly offset by lower stocks for the United States
and the EU.

Global 2024/25 oilseed production is estimated lower by 2.8 million tonnes to 552.7 million tonnes mainly on lower
rapeseed production for the EU and lower sunflowerseed production for the EU,
Ukraine, Kazakhstan, and Moldova. Global soybean production forecast raised by 0.6 million tonnes on higher
production for Paraguay and Canada partly offset by lower output for the EU and
Serbia. Production for Paraguay is increased for 2022/23 through 2024/25 on higher area.

Production estimate in Paraguay for 2023/24 is raised to reflect the strong pace of exports and crush to date.

U.S. soybean supply and use changes for 2024/25 include lower beginning stocks, production, and ending stocks. Lower
beginning stocks reflect a slight increase to crush for 2023/24.

Soybean production for 2024/25 is projected down 3 million bushels to 4.6 billion. With 2024/25 soybean crush and
exports unchanged, ending stocks are projected at 550 million bushels, down 10 million from last month.

The U.S. season-average soybean price is forecast unchanged at $10.80 per bushel. The
soybean meal and soybean oil prices are also unchanged at $320 per short ton and 42 cents
per pound, respectively. Other changes this month include lower peanut and cottonseed
production.

(By Commoditiescontrol Bureau)

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