Tridge summary
The article outlines a significant increase in the global production of soybeans, anticipated to reach above 30 million tons more than the current demand, which is expected to rise by only 5 million tons. This overproduction situation for the 2022/23, 2023/24, and 2024/25 fiscal years is attributed to various factors, including an increase in cultivation areas in South American countries like Brazil. On the other hand, Ukraine, a major sunflower oil exporter, is shifting its farming preferences towards this crop, given its profitability. The head of the trading department of the LNZ Group, Volodymyr Korchun, emphasizes the potential challenges for soybeans due to increased South American production and highlights Ukraine's strength in sunflower oil production despite some challenges this season. The article underscores Ukraine's strategic position in the global market, particularly with sunflower oil, and emphasizes the importance of focusing on strong areas of production.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.
Original content
It is predicted that the production of soybeans in the world will increase by at least 30 million tons next year, and the demand may increase only by 5 million tons at most. Therefore, soybean is unlikely to become a market support for agricultural producers in contrast to sunflower and its processing. This was stated by the head of the trading department of the LNZ Group agricultural holding, Volodymyr Korchun, at the Agro&Food Security Forum, writes Latifundist.com. According to him, the Ukrainian farmer sows less soybeans and more sunflowers. Ukraine is the largest exporter of sunflower oil in the world and this is its strength. According to USDA estimates, there was an overproduction of soybeans in the world by 12 million tons in 2022/23 FY, by 11 million tons in 2023/24 FY, and in 2024/25, if all the numbers are confirmed, then overproduction is expected again, but already by 25 million Collectively, these surplus soybeans will go into the beginning stocks for next year and, ...
Source: Elevatorist
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