IGC: above-average soybean supply 2024/25 - stock build-up
In its latest Jan. 25 issue, the IGC confirms a high global soybean supply in 2024/25, with production estimated at just under 420 million tons (previous year: 395 million tons). Consumption is expected to rise from 385 to 408 million tons. This results in an increase in stocks of around +15% to 84 million tons
The South American harvests in Brazil at 166 million tons (previous year: 152.5 million tons) and Argentina at 51.5 million tons (previous year: 49.5 million tons) are decisive for the increase in production. The Brazilian harvest is about to begin. Argentina will follow weeks later. There are still weather risks to overcome.
In contrast, the US harvest in autumn 2024 did not meet the high expectations; it was only enough for around 119 million tons. All three production regions together produce around 80% of the world's soybean volume.
On the consumption side, China is in first place with 128 million tons or 30% of global consumption. Around 109 million tons of these beans are imported.
In the EU-27, 2.8 million tons of soya are produced. Around 15 million tons of beans are imported to cover demand and a further 16.5 million tons of soybean meal are purchased. There is also a small amount of soybean oil.
