Business data

 Soybeans stand out as the oilseed with the highest protein content, free from cholesterol and saturated fats, which makes them ideal for both animal and human nutrition. Typically processed into oil and meal, soybean meal is crucial, particularly in making poultry and cattle feed due to its high digestibility and ability to balance amino acid profiles in animal diets.

According to the latest projections by the International Grain Council (IGC) and the U.S. Department of Agriculture (USDA), global soybean production is expected to increase significantly. The IGC's report from November 2023 estimated an increase from 357 million tons in the 2021/22 season to 367 million tons in the 2022/23 season, with expectations to reach 395 million tons in the 2023/24 season. Similarly, the USDA's December 2023 report forecasted a rise to 399 million tons for the 2023/24 season from 374 million tons in the previous season.

This production is anticipated to satisfy current soybean demand, which saw a slight decline from 366 million tons in the 2021/22 season to 359 million tons in the 2022/23 season. However, stocks are expected to rise, with the IGC reporting an increase from 54 million tons in the 2022/23 season to 62 million tons in the 2023/24 season.

In terms of global soybean production, the Americas dominate, with Brazil leading at 160 million tons in the 2022/23 season, expected to slightly increase in the following season. The U.S. follows with an expected decrease to 112.4 million tons. Other significant producers include Argentina, China, India, Paraguay, and Canada.

On the trade front, the world soybean market remained robust with 172 million tons traded in the 2022/23 season, projected to slightly decrease in the next season. Brazil and the USA are major exporters, with Brazil expected to increase its exports, while U.S. exports might decline. China remains the largest importer of soybeans, followed by the European Union and Mexico.