Global: WASDE forecast for soybean production in 2024/25

Published 2024년 8월 14일

Tridge summary

The U.S. Department of Agriculture's latest World Agricultural Supply and Demand Assessment for 2024-25 predicts stable soybean oil use in biofuels, with increased production, exports, and ending stocks. The U.S. soybean production forecast has been raised to 4.6 billion bushels, with higher acreage and yields. Global soybean production has also been increased, driven by higher output in the U.S., Ukraine, Russia, India, and Benin, leading to raised global soybean ending stocks, primarily due to higher stocks in China, the U.S., and Argentina.

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

Original content

The U.S. Department of Agriculture maintained its forecast for soybean oil use in biofuels production in 2024-25 in its latest World Agricultural Supply and Demand Assessment, released Aug. 12. The soybean production forecast was revised upward. The 2024-25 forecast for U.S. soybeans includes increases in production, exports, and ending stocks. The 2024-25 soybean production forecast is 4.6 billion bushels, up 154 million due to higher acreage and yields. Harvested area is forecast at 86.3 million acres, up 1 million from July. The first survey soybean yield forecast is 53.2 bushels per acre, up 1.2 bushels from last month. Soybean supplies for 2024-25 are forecast at 4.9 billion bushels, up 11% from last year. With soybean exports rising 25 million bushels on higher supplies and unchanged crushing, ending stocks are forecast at 560 million bushels, up 125 million from last month. USDA now expects 14 billion pounds of soybean oil to go to biofuels production in 2024-25, a ...

Source: UkrAgroConsult