USDA lowers global soybean production forecast

The article reports a decrease in the global soybean production forecast for 2024/25 by 3.5 million tonnes to 425.4 million tonnes, primarily due to lowered production in the United States and India. Despite this, global soybean exports are expected to rise, with increased shipments to countries like Brazil, Canada, and Benin, partially offset by lower shipments from the United States. Additionally, imports to Pakistan are projected to increase, but crushing rates in Pakistan will not offset the decrease in crushing in the United States, Argentina, and Brazil. As a result, global soybean ending stocks are predicted to decline by 2.9 million tonnes to 131.7 million tonnes, with the largest declines seen in the United States, Brazil, and Argentina.