Global: Soybean supply and demand trends over the next decade

Soybean Meal

Brazil

Colombia

Published Mar 11, 2024

Tridge summary

The USDA's '2024 Agricultural Outlook Report' predicts global agricultural trends for the next decade. It forecasts a global GDP growth of 2.7% from 2024, with low-income countries outpacing high-income ones. U.S. agricultural exports are expected to initially fall but then grow to reach $1,965 billion in 2033. The report also predicts a rise in U.S. soybean planting and domestic soybean oil demand due to biofuel mandates. Despite a slight drop in global trade share, U.S. soybean exports will grow steadily, with Brazil increasing its share in global soybean trade. Other South American countries are also expected to expand their soybean planting areas. The report also forecasts growth in global soybean meal imports due to expanding livestock and poultry breeding, with the EU remaining the largest import market.

Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

In February this year, the United States Department of Agriculture (USDA) released the "2024 Agricultural Outlook Report". The report predicts the trend of global agricultural development in the ten years from 2024 to 2033, covering agricultural products, agricultural product trade and comprehensive agricultural indicators, such as farm income. and many other aspects. It is based on specific assumptions, including macroeconomic development prospects (forecast before August 2023), USDA's global agricultural supply and demand outlook (data from the WASDE report in October 2023), current U.S. policies (such as The Agriculture Enhancement Act of 2018 (no new legislation until October 2023) and current international agreements remain in effect. The report forecasts the supply and demand trends of soybeans in the next ten years. 1 The fluctuations in macroeconomics and international trade since the COVID-19 epidemic are over. After that, the global economy has recently shown a positive ...

Source: Foodmate