World: Next soybean harvests in the United States and Brazil will grow by 6.9% and 9.7% respectively

Published 2024년 5월 17일

Tridge summary

The United States Department of Agriculture (USDA) forecasts an 8% growth in global soybean exports from 2023 to 2025, driven by increased demand from China, larger harvests in the United States and Brazil. In 2023, soybean exports surged by 10.6% due to a record harvest in Brazil, but a weaker harvest in Brazil this year has led to stagnant exports. However, a stronger US and Brazilian crop forecast for the latter half of 2024 and 2025 is expected to offset this. However, potential risks such as adverse weather, overcapacity in pig farming, and new US tariffs on Chinese products could impact these projections.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

“Global soybean exports are expected to grow 8% between 2023 and 2025, according to data from the United States Department of Agriculture (USDA). Higher import demand from China will be met by larger harvests in the US and Brazil and, in the short term, soybeans are expected to be a key growth driver for global cereal shipments,” says Filipe Gouveia, BIMCO Shipping analyst. As he explains, in 2023, soybean exports increased by 10.6% due to a record harvest in Brazil. However, so far in 2024 exports have stagnated as Brazil has compensated for a weaker harvest with inventories from the previous season. Despite this, the latter part of 2024 and all of 2025 look more promising. The USDA expects the U.S. soybean crop in September and the Brazilian crop early next year to grow 6.9% and 9.7% respectively. Chinese demand strengthens On the import side, Chinese demand has strengthened since 2022 due to a rebound in pork production. China relies on soybean imports to meet its demand for ...

Source: Mundomaritimo