News

China will determine market trends for soybeans and soybean meal: IGC Director

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

Tridge summary

The article highlights the significant role of China as the largest demand center for soybeans and soymeal, influencing market trends and contributing to an expected global soybean production increase to a record 413 million tons in the 2024-25 marketing year. Brazil has overtaken the US as the leading exporter of oilseeds to China, with Argentina's grain production also recovering from a drought. Additionally, the article contrasts the rice export volumes of the US and India in the 2022-23 marketing year, showcasing India's substantial lead with 20.25 million tons exported compared to the US's 2.04 million tons. It underscores the importance of establishing a value chain ecosystem for Indian traders to enhance exports and the need for a framework that encourages consumers to pay premiums for quality and value in goods from India.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

International Grains Council chief executive Arnaud Petit said China will set the market trend for soybeans and soymeal as the largest demand center. Speaking at the launch of the Indian Grains and Pulses Council on April 12, Petit highlighted the forecast for growth in soybean production in the 2024-2025 marketing year on the back of a strong global demand outlook. According to the latest grain market report, IGC forecasts global soybean production to reach a record 413 million tons in 2024-25, up 5.9% from the 2023-24 forecast of 390 million tons. IGC forecasts that global soybean demand will grow 3.6% year-on-year to 172 million tonnes in MY 2024-25. Trade in oilseeds between Brazil and China provides insight into the dominant relationship between the world's largest supplier and largest consumer. China imports large volumes of soybeans from Brazil, which in 2023-2024 overtook the United States and became the world's largest exporter of oilseeds. From April 2023 to April 2024, ...
Source: Oilworld
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