South Africa’s 2023/24 Soybean Supply and Demand Estimates

The total supply of South African soybeans is projected at 2.84MMT for the 2023/24 marketing season. This includes an opening stock level (on 1 March 2023) of 171,902MT, domestic commercial deliveries of 2.66MMT, 4,000MT of soybean imports for South Africa, and a surplus of 6,500MT.

The total demand (domestic plus exports) for soybeans is projected at 2.36MMT. This includes 23,000MT processed for human consumption, 210,000MT processed for animal (full-fat) feed, 1.765MMT for crushed (oil and oilcake), 200MT withdrawn by producers, 150MT released to end consumers, 10,000MT for planting purposes, and balancing figure of 250MT (net receipts and net dispatches). 350,000MT soybeans are estimated for exports for the 2023/24 marketing season.