The forecast for soybean consumption and trade for the 2024/25 period has been slightly revised upwards, with increases in Argentina, Egypt, the Russian Federation, and Ukraine, but this is balanced out by decreases in several other countries. Import forecasts have risen in Argentina, Egypt, and the EU, but export forecasts have been reduced for Brazil. Soybean stock levels for 2024/25 are projected to rise, largely due to revisions in China's forecasts.