Global soybean production in 2023/24 MY will be a record high – IGC

The global soybean production in 2023/24 MY may increase to a record 395 mln tonnes. This forecast was published by the analysts of the International Grain Council (IGC) in their November report, increasing the estimate for the month by another 2 mln tonnes. Thus, the harvest of the oilseed is expected to increase by more than 7% (367 mln tonnes) in 2022/23 MY.

Experts believe that the increase will be due to the improvement of soybean harvest in South America: in particular, the possible recovery of production in Argentina and a new record in Brazil.

Moreover, according to IGC, in the new season, the global consumption of beans is expected to increase significantly to a new historical high – from 359 mln tons (2022/23 MY) to 386 mln tons. The demand for the oilseed will grow not only from the food sector, but also from the biofuel sector, especially in the US, the industry association is confident. The basis for this will be created primarily due to the increase in oilseed processing in Argentina.

The global soybean exports for 2023/24 MY are estimated at 172 mln tonnes, up from 168 mln tonnes a year earlier. The trade will decline due to the decline in supplies to China and Argentina. However, the Brazilian exports are expected to grow as the shipments from the US decrease.