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The USDA's May report predicts that global soybean production in 2024 will hit a record in 25, with increased production due to increased acreage in Brazil and the United States, and global soybean prices are expected to weaken.
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[USDA released May supply and demand report: global soybean production is expected to grow at a record pace in 2024) USDA announced on May 10 that May.Jeopardyapril292022According to the report on global soybean supply and demand, the global soybean production in 2024 quarter is expected to break the historical record of 4. 5%.Jeopardyapril2920222.2 billion tons, an increase of more than 6 percent over the same period last year. This growth was mainly affected by the expansion of soybean acreage in Brazil and the United States. Brazil's soybean production is expected to increase by 15 million tons to 169 million tons, an all-time high. Argentina's soybean production is also expected to increase to 51 million tons. Global end-of-term soybean stocks are expected to increase by nearly 17 million tonnes to 128.5 million tonnes, with the most significant increases in stocks in major exporters such as Brazil, the US and Argentina. The report also shows that the ratio of global soybean inventory to consumption is expected to rise to 22.08% in 2024gamma in 25, up from 20.1% in the previous year and 18.9% in the past 10 years, the highest since 2010. With the increase of global and exporter inventories, global soybean prices are expected to show a weaker trend in 2024. In addition, the USDA also forecasts soybean production in Brazil and Argentina in 2023 to 24. Brazilian soybean production is expected to reach 154 million tons, which is 1 million tons lower than last month's forecast, but still far higher than the 146.5 million tons forecast by Brazil's national commodity supply company (CONAB). Soybean production in Argentina remained at 50 million tons, but soybean harvests in Argentina and southern Brazil were severely delayed due to torrential rains and floods, which could lead to crop losses. Us soybean production is expected to hit the second-highest level on record in 2024, reaching 4.45 billion cattails, up 6.8 per cent from a year earlier. Soybean crushing is expected to be 2.43 billion cattails, an increase of 5.7 per cent year-on-year. Soybean exports are expected to reach 1.83 billion cattails, up 7.4 percent from the same period last year, accounting for 28 percent of the total global soybean exports. Soybean inventory at the end of the period is expected to be 445 million cattails, an increase of 30.9% over the same period last year, the highest level in nearly four years. The annual average price of soybeans is expected to be 11.20 US dollars per cattail, down from 12.55 US dollars per cattail last year. It is worth noting that due to the recent slowdown in spring sowing due to the recent rains in the Midwest of the United States, the floods in southern Brazil affected soybean production and crushing, and the general strike in Argentina disrupted soybean exports and crushing, these factors together supported the rise in the price of American beans. However, the May 10 supply and demand report predicts that global soybean production in 2024 will hit an all-time high in 25, a bad news that may limit the rise in the price of American beans. In the futures market, the July soybean contract of the Chicago Board of Trade (CBOT) closed at US $12.19 per cattail on May 10, up 0.33% from a week ago, while the May shipping price of US Bay soybeans was US $12.56 per cattail, up 0.26%.
