IGC lowers its estimate of global soybean production for the current season

The volume of world soybean production in the season-2023/24 may reach about 390 million tons. This forecast was released by analysts of the International Grains Council (IGC) in the March report, reducing their estimate compared to February by 1 million tons. Despite the adjustments, the oilseed harvest is expected to grow by 4% by the level of 2022/23 MY.

Experts assume that in the current season will increase carryover stocks of oilseed and the volume of its global consumption – up to 66 million tons (65 million tons – estimate in February; 59 million tons in 2022/23 MY) and 383 million tons (383 million tons; 369 million tons), respectively. The estimate of global soybean exports for MY 2023/24 is 166 million tons against 172 million tons a year earlier.

Next season, experts say, bean production may rise to even higher values (up to 413 million tons) on the back of growing demand for oilseed.