News

China to determine market trend for soybeans and soybean meal: IGC Director

Soybean
Grains, Cereal & Legumes
China
Market & Price Trends
Published Apr 17, 2024

Tridge summary

At the India Grains and Pulses Council launch, discussions centered around the global soybean market and India's grains and pulses exports. Arnaud Petit, Executive Director of the International Grains Council, emphasized China's significant influence on soybean market trends, projecting a record global soybean output of 413 million metric tons for the 2024-25 marketing year, largely due to robust demand with Brazil being the main supplier. The event also highlighted the recovery of Argentina's grain production post-drought and the impact of logistical challenges on trade. For India, the focus was on enhancing the value-chain ecosystem to fetch premium pricing for its agricultural exports, especially noting India's substantial rice exports at 20.25 million mt in MY 2022-23 and the need for a framework that allows for premium pricing based on value and quality.
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 ...
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