World soybean meal production to reach 269 mln tons in MY 2024/25 – forecast

Analysts of Oil World (Germany) increased the forecast of global production of soybean meal in 2024/25 MY by 1.7 million tons – up to a record 269 million tons. The indicator is 10.8 million tons higher than the level of the previous season. experts expect an increase in production of the product by 9% over the past two years.

In particular, there is an increase in soybean processing at the expense of reduction of rapeseed and sunflower. Thus, despite the increase in soybean meal production in 2024/25 MY, the production of 7 other oilseed meal will decrease by at least 1.4 million tons per year.

Earlier there were forecasts that EU countries will increase soybean meal production in the new MY 2024/25 due to an increase in soybean harvest (in fact, a record gross harvest is expected), but will still remain a net importer of this product. In MY 2023/24, EU imports of soybean meal were the lowest in 5 years and almost 1 million tons less than last season.

Tags: soybean oil, EU, soybean