Global soyabean production in 2024/25 is forecast to increase more than 6% compared to the previous year to reach a record 422M tonnes, according to US Department of Agriculture (USDA) data reported by Germany’s Union for the Promotion of Plants and Protein (UFOP).
The increase in global soyabean production – mainly due to an expansion of planted area in Brazil and increased plantings in the USA – would be the largest annual percentage increase in over a decade, the USDA’s Foreign Agricultural Service (FAS)’s Oilseeds: World Markets and Trade May report said.
At 169M tonnes, this year’s output in Brazil – the world’s leading soyabean producer – was expected to reach a record high at 15M tonnes higher than the previous year.
However, heavy flooding and unfavourable weather conditions at the time of this year’s Brazilian harvest were expected to impact the harvest, UFOP said on 16 May.
Due to an expansion in soyabean planted area, the USDA expected production in the USA to be around 7.8M tonnes higher than the previous year at 121.1M tonnes.
Argentina was expected to retain its position as the third largest soyabean producer with 51M tonnes, an increase of 1M tonnes.
As plantings had not started in South America at the time of the USDA report, the UFOP said the global soyabean production outlook remained uncertain.
Meanwhile, planting in the USA was progressing and by the beginning of May, sowings were complete on 25% of the anticipated planted area, which was an increase of 21% compared to the long-standing average, UFOP said.
Global soyabean consumption was expected to increase in 2024/25, with current forecasts of approximately 402M tonnes, around 18.2M tonnes more than the previous year.
According to research by Agrarmarkt Informations-Gesellschaft, projections of global soyabean production of 422.3M tonnes would mean an expected supply surplus of 20.6M tonnes.
As a result, 2024/25 ending stocks would be likely to increase for the third consecutive year, reaching 128.5M tonnes and exceeding the previous year’s total by 16.7M tonnes and a new market high.
