Source: feed Industry Information Network
On May 10, the United States Department of Agriculture released a report on supply and demand for May, which is expected to reach a record global soybean production in 2024,25.Threecardpokerrules4%Threecardpokerrules.2.2 billion tons, an increase of more than 6 per cent over 2023 Compact 24. If this forecast is achieved, soybean production will grow at its highest level in more than a decade, mainly due to the expansion of soyabean acreage in Brazil and the United States. Brazilian soybean production in 2024x25 is expected to increase by 15 million tons to 169 million tons, which will be the highest on record. Argentina's soybean production is expected to increase to 51 million tons. Global soybean ending stocks are expected to increase by nearly 17 million tons to 128.5 million tons in 2024x25, with the largest increase in soybean ending stocks in major exporters (Brazil, the United States and Argentina). The ratio of global soybean inventory consumption in 2024x25 is 22.08%, compared with 20.1% in the previous year, with an average of 18.9% in the past 10 years, the highest since 2010. As global and exporter inventories increase, global soybean prices are expected to weaken in 2024prime in 25.
According to the May supply and demand report released by the United States Department of Agriculture on May 10, Brazilian soybean production in 2023x24 is expected to be 154 million tons, 1 million tons lower than last month's forecast and far higher than the 146.5 million tons forecast by Brazil's National Commodity supply Company (CONAB). The USDA kept Argentina's soybean production unchanged at 50 million tons this month. However, as the harvest advances, these forecasts are likely to be adjusted in the future because of major delays in soybean harvesting in Argentina and southern Brazil due to torrential rains and floods and possible crop losses.
According to the May supply and demand report released by the United States Department of Agriculture on May 10, U.S. soybean production is expected to set an all-time high of 4.45 billion in 2024 to 25, an increase of 6.8 percent over the same period last year due to increased acreage and higher yield per unit area. Soybean crushing is expected to be 2.43 billion, an increase of 5.7% over the same period last year. Soybean exports are expected to be 1.83 billion, up 7.4 percent from a year earlier, accounting for 28 percent of global soybean exports, compared with an average of 32 percent in the previous five years. Soybean inventory at the end of the period is expected to be 445 million, an increase of 30.9% over the same period last year, the highest level in nearly four years. The average annual price of soybeans is 11.20 US dollars per cattail, compared with 12.55 US dollars per cattail last year. Us soybean exports will be faster at the beginning of 2024 due to a reduction in Brazilian soybean production in 2024, but there will be pressure on US soybean exports after the launch of the new South American soybean harvest in early 2025, according to the USDA. U. S. soybean crushing is expected to hit an all-time high because of strong demand for soybean oil in the United States, supporting biofuel production. Overall, U. S. soybean stocks will reach their highest level in four years as a result of increased supply and increased export competition.
Recent rains in the Midwest of the United States led to a slowdown in spring sowing, floods in southern Brazil affected soybean production and crushing, and a general strike in Argentina disrupted soybean exports and crushing, supporting rising soybean prices. Last Friday, the United States Department of Agriculture released a May supply and demand report, which only reduced the forecast of Brazilian soybean production in 2023 to 24 by 1 million tons, leaving Argentina's soybean production forecast unchanged. Global soybean production in 2024 is expected to hit an all-time high in 2024. The report is obviously bearish, restricting the increase in the price of beautiful beans. On May 10, the July soybean contract of the Chicago Board of Trade (CBOT) closed at US $12.19 per cattail, up 0.33% from a week ago.