World soybean production to be 7% higher in 2024/25 – IGC

The International Grains Council (IGC) in an October report forecasts that global soybean production in 2024/25 will be 2 million tons or 7% higher than previously.

The report, released on October 17, forecasts record soybean production of 421 million tons, up from 395 million tons in 2023-2024, as a number of the world’s largest producers expect a strong harvest.

Together with the higher figure for carryover stocks, projected total end-of-season stocks are up 4 million tons. With increased prospects for buyers in Africa and Asia, trade is forecast to increase by 1 million tons from September (+1% y/y). Trade is expected to grow to a peak of 179 million tons, including another above-average season of shipments to China.

“With demand from the feed, food and industrial sectors expected to support the upward trend in processing, global consumption is expected to increase by 5% and total stocks are also expected to peak,” IGC said.

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Tags: soybean, crop forecast