South Africa's Soybean Supply and Demand for the 2023/24 Season
Soybean
South Africa
Market & Price Trends
Kingsley Nkwane
Published May 8, 2023
The total supply of South African soybean is projected at 2,887,697MT for the 2023/24 marketing season. This includes an opening stock level (on 1 March 2023) of 171,897MT, domestic commercial deliveries of 2,705,300MT, 4K MT tons of soybean imports for South Africa, and a surplus of 6.5K MT.
The total demand (domestic plus exports) for soybeans is projected at 2, 358,850MT. This includes 23K MT processed for human consumption, 210K MT processed for animal (full fat) feed, 1.765MMT for crushing (oil and oilcake), 200MT withdrawn by producers, 400MT released to end consumers, 10K MT seed for planting purposes, and a balancing figure of 250MT (net receipts and net dispatches). 350K MT of soybeans is estimated for exports for the 2023/24 marketing season.
The projected closing stock level for 28 February 2024 is estimated at 528,847MT. At an average processed quantity of 166,500MT per month, this represents available stock levels for 3.2 months or 97 days
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