IGC estimate of global soybean supply 2024/25: at peak level despite cuts
In the latest Feb. 25 issue, the IGC revised the global soybean supply downwards slightly. The harvest in Argentina (-3.5 million tons compared to the previous month) suffered from drought. Brazilian production was reduced by 1 million tons compared to the Jan. 25 estimate. Nevertheless, the harvest in the world's largest production region is still 9.5% higher than in the previous year at 40%.
Consumption expectations were increased by around 1 million tons to 410 million tons. For the supply balance
There was a slight decline in closing stocks, but these were still +10.7% higher than the previous year and at a record level.
China remains the world's largest consumer with around 128 million tons. Of this, 109 million tons are imported. China's share of global trade is around 60%.
The EU-27 is expected to produce 2.8 million tons of soya. In addition, there are 14.9 million tons of bean imports and around 14 million tons of soybean meal imports.
Conclusion: The soybean market remains well supplied above average.
