The US Department of Agriculture (USDA) has forecast global soyabean production in the 2023/24 crop year to increase by 18.8M tonnes to total a record 397M tonnes, Germany’s Union for the Promotion of Oil and Plant Proteins (UFOP) reported.
The increased supplies were expected to lead to a 12.1M tonne rise in ending stocks to reach 114.3M tonnes in 2023/24, the 15 March report said.
At 37.6M tonnes, China was expected to have the highest ending stocks mainly due to a recent 8% budget increase for grain and oilseed stocks, which had been introduced in a bid to improve the country’s food security.
The USDA also estimated global soyabean consumption to reach a record 382M tonnes compared to 365.9M tonnes in 2022/23, a 4.3% increase.
Meanwhile, the USDA slightly lowered its soyabean production forecast for Brazil to 155M tonnes, approximately 7M tonnes lower than in the previous season.
Based on the USDA’s forecast of an export volume of 103M tonnes, Brazil’s ending stocks were likely to decline significantly by around 3.2M tonnes, to approximately 33.1M tonnes, according to research by Agrarmarkt Informations-Gesellschaft.
