Global: USDA December 2024 review

Published 2024년 12월 11일

Tridge summary

Bangladesh's soybean imports are expected to recover in 2024/25 due to increased demand from the domestic feed sector and economic stabilization. The country's reliance on imports is set to rise as domestic soybean consumption increases and the animal feed sector grows. In contrast, Burma's soybean meal imports hit a 10-year low in 2023/24 due to political instability, currency controls, natural disasters, and high production costs. Global oilseed production is forecast to surpass 683.4 million tonnes, driven by higher soybean production in Argentina, Bolivia, and Canada. However, wholesale oilseed trade saw a slight decline, and global vegetable oil trade fell due to lower palm oil exports from Indonesia and Malaysia. U.S. soybean farm gate prices have been cut to $10.20 a bushel.

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

Original content

Bangladesh soybean import recovery expected to continue in 2024/25 Bangladesh’s soybean imports are expected to continue to recover, buoyed by strong demand from the domestic feed sector and economic stabilisation. The recovery marks a positive turnaround for the Bangladesh economy after a severe inflation-driven slump in 2022. Importers had difficulty obtaining letters of credit due to a domestic foreign exchange crisis and shortage of US dollars. Bangladesh’s real gross domestic product is expected to grow by 4.5 percent in 2025, according to the International Monetary Fund’s Index. FAS Dhaka reports that the animal feed sector is set to grow in the coming years. A recent report said that livestock feed production in 2022 was 6.6 million tonnes and is likely to reach 10.0 million tonnes by 2030. At the same time, the industry reports setting up new crushing complexes. Bangladesh’s reliance on imports is set to increase in the coming years as domestic soybean consumption ...

Source: Oilworld