IGC expects global soybean crop to increase in 2024/25 MY

The global soybean production in the season-2024/25 may reach about 413 mln tons. This forecast was published by the analysts of the International Grains Council (IGC) in the April report, leaving the figure at the same level as in the March report. The oilseed harvest is expected to increase by almost 6% (from 390 mln tonnes) in 2023/24 MY.

Experts assume that in the next season the carry-over stocks of the oilseed and global consumption will increase to 75 mln tonnes (75 mln tonnes – estimate in March; 67 mln tonnes in 2023/24 MY) and 404 mln tonnes (404 mln tonnes; tons), respectively.

The global soybean exports for 2024/25 MY are estimated at 172 mln tonnes, up from 167 mln tonnes a year earlier.

Earlier, the experts noted that the growth of soybean production in the new season will be driven by the growing demand for the crop on the market.

Tags: crop forecast, soybean