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

The total supply of soybeans in South Africa is projected at 2.78MMT for the 2023/24 marketing season. This includes an opening stock level (on 1 March 2023) of 167,437MT, domestic commercial deliveries of 2.6MMT, 4,000MT of soybean imports for South Africa, and a surplus of 5,000MT.

The total demand (domestic plus exports) for soybeans is projected at 2.31MMT. This includes 23,000MT processed for human consumption, 210,000MT processed for animal (full fat) feed, 1.75MMT for crushed (oil and oilcake), 200MT withdrawn by producers, 150MT released to end consumers, 10,000MT seed for planting purposes, and a balancing figure of 250MT (net receipts and net dispatches). A quantity of 320,000MT of soybeans is estimated for exports for the 2023/24 marketing season.