World record soybean harvest expected in 2024/2025 season – UFOP

The U.S. Department of Agriculture has slightly lowered its forecast for world soybean supplies in its latest assessment, but despite the correction, a record global soybean crop is expected, according to UFOP, the oilseed and grain promotion union founded by the German Farmers Association.

According to the association, the USDA is optimistic about global soybean supplies for the 2024/25 season and expects production of 421.6 million tons, 26.4 million tons more than the previous year. This will mean more soybeans will be harvested globally than ever before. The International Grains Council (IGC) forecast was lower than the USDA’s estimate of 415.1 million tons. USDA and IGC agree that higher production can be expected in Brazil and the United States. The difference between the IGC and USDA is due to different production estimates in Brazil. While the Grains Council forecasts a 2025 crop of 161.5 million tons, U.S. authorities expect just under 169 million tons. Both estimates are still very vague, as the 2024 harvest has only recently been completed and planting of the 2025 crop will not begin until two months later. Nevertheless, both IGC and USDA forecast that Brazil’s planted area will expand due to strong local and international demand, especially from the biofuels sector in the Americas.

Otherwise, USDA made only minor adjustments from the previous month, according to the Agrarmarkt Informations-Gesellschaft (mbH) survey.

Consumption for the 2024/25 season is now estimated at 401.5 million tons, almost unchanged from the previous month. This means that 19 million tons more soybeans will be consumed compared to last year.

The attractiveness of soybeans in the crop rotation is likely to increase before sowing, in particular due to competitive producer prices compared to other crops. The Ministry still expects world stocks at the end of the 2024/25 season to be 127.8 million tons, 16.5 million tons more than the previous year. This would be well above the long-term average of 99.6 million tons.

Tags: crop forecast, soybean