Above-average supply of soybean market The IGC estimates global soybean production at a record high of 395 million t. Brazil played a decisive role in this with an increased harvest of 155 million t (previous year 126.5 million t). The new harvest due in spring 2024 is even estimated at 160 million t due to the increased cultivation area. Support is also expected from El Niño weather with sufficient amounts of rain. The US soybean harvest that has just concluded was less favorable at 112 million t (previous year: 116 million t). Periods of drought have affected yields per hectare. In Argentina, after the catastrophic result in late spring 2023, an almost average harvest of 44 million tonnes is expected in 2024. The IGC estimates global soy consumption at an increasing 386 million t (previous year 359 million t). China dominates with 121 million t, of which 102 million t are imported. The EU-27 imports 14 million tonnes of beans plus 16 million tonnes of soybean meal.Stocks are growing by around 8 million t to 62 million t worldwide. This means that the supply situation has improved from 12 to 15% in the previous two years to 16.1% final stock for consumption this year.
