News

Global: China to determine market trend for soybeans and soybean meal

Soybean
United States
Published Apr 17, 2024

Tridge summary

The global soybean market is witnessing significant trends with China's dominant role as the largest demand center, influencing market dynamics as forecasted by the International Grains Council (IGC). For MY 2024-25, a record soybean output of 413 million mt is expected, marking a 5.9% increase, with demand also on the rise. Brazil leads as the primary soybean supplier to China, contributing to 71.5% of its imports. The article also highlights the impact of increased production and drought recovery in Argentina on global grain prices, which remain low. Additionally, it addresses logistical challenges in grain trade, including issues in the Mississippi River and the Red Sea. The potential for Indian grains and pulses exports is underscored, alongside a call for Indian traders to leverage value-based pricing to enhance revenue, as evidenced by the comparison of rice export revenues between the US and India.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

International Grains Council Executive Director Arnaud Petit has said that China will be determining the market trend for soybeans and soybean meal as the biggest demand center. Speaking at the launch of India Grains and Pulses Council April 12, Petit emphasized on a higher output projection for soybeans in the marketing year 2024-25 amid a strong global demand forecast. IGC projects world soybean output to reach a record 413 million mt in MY 2024-25, increasing 5.9% from the MY 2023-24 forecast of 390 million mt, according to its latest grain market report. IGC forecasts global soybeans demand to rise 3.6% year on year in MY 2024-25 to reach 172 million mt. Oilseed trade between Brazil and China provides an overview of the dominating equation between the world’s largest supplier and the biggest consumer. China imports its largest volumes of soybeans from Brazil, which overtook the US to become the world’s top exporter of the oilseed in MY 2023-24. Over April 2023 to April 2024, ...
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