The latest USDA report shows that the U.S. soybean supply and demand outlook for 2024/25 remains unchanged. However, soybean oil exports are increasing, while the use of soybean oil for biofuel is declining. The season-average soybean price is lowered by $0.15 to $9.95 per bushel, while soybean meal and oil prices remain at $310 per short ton and $0.43 per pound, respectively.
The U.S. soybean price is lowered by $0.15 to $9.95 per bushel, while soybean oil exports rise and biofuel usage declines.
Global soybean crush is increasing by 2.9 million tons to 352.8 million, led by a 2-million-ton increase in China.
Global soybean ending stocks fall by 2.9 million tons to 121.4 million, with declines in China and Argentina.
Globally, soybean production remains nearly unchanged, but crush demand is increasing. The global soybean crush is projected to rise by 2.9 million tons to 352.8 million, with China alone increasing its crush by 2 million tons to 105 million. Argentina, Thailand, Ukraine, and Pakistan are also expected to process more soybeans. Meanwhile, global soybean exports are mostly stable, as higher shipments from Canada are offset by lower exports from South Africa. Global ending stocks are projected to decrease by 2.9 million tons to 121.4 million, with reductions primarily in China and Argentina.
Additionally, global production of high-oil content seeds, including rapeseed and sunflowerseed, is raised by 1% this month. However, total production remains 5% lower than the previous year. Sunflowerseed production is up in Russia and Ukraine, while rapeseed production has increased in Australia and Ukraine.
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The information provided in this market insight is for general informational purposes and should not be considered financial advice. It is not intended to offer any financial recommendations or endorsements. Any decisions made based on the content are the sole responsibility of the reader.
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