World soybean production in 2023/24 MY could exceed 400 million tons

The world production of oilseeds by the end of season 2023/24 may reach about 646 million tons, follows from the data of the June report of the Hamburg analytical agency OilWorld (Germany). The current value is 37 million tons higher than the expected level of the current agricultural year, experts say.

According to preliminary forecasts, the largest increase is expected in soybeans – by 34.4 million tons, up to 402.3 million tons. The gross yield of oilseeds in Brazil could reach 159 million tons (157 million tons in 2022/23 MY), the harvest in the region will collect from 46.3 million hectares. U.S. soybean production is projected to increase by more than 5 million tons, from 116.4 million tons (2022/23 MY) to 121.5 million tons.

“At the same time, exports of U.S. oilseeds next season may decrease by 3 million tons, to 50.6 million tons,” experts say.

As for Argentina, German experts expect the region’s bean production to recover after the drought, from 21 million tons (2022/23 MY) to 44 million tons.

Tags: USA, Argentina, Brazil, soybean