Mumbai, 21 Nov (Commoditiescontrol): The International Grain Council (IGC) has released its November report, projecting a record global soybean production of 395 million tonnes for the 2023/24 marketing year (MY). This figure represents a significant increase from the previous year's 367 million tonnes, marking an over 7.6 % growth.
Key drivers for this increase are anticipated improvements in South American soybean yields, notably in Argentina and Brazil. Argentina is expected to see a recovery in production, while Brazil might set a new record.
Beyond production, the IGC forecasts a substantial rise in global soybean consumption, reaching a new historical peak of 386 million tonnes. This surge from the previous year's 359 million tonnes is attributed to growing demand from both the food and biofuel sectors. In the United States, the demand for soybean-based biofuels is particularly notable.
A significant factor contributing to this growth is the expansion of oilseed processing in Argentina. However, the global soybean trade is estimated to slightly decline, with exports projected at 172 million tonnes, up from 168 million tonnes in the previous MY. The decrease in trade is primarily due to reduced supplies to China and Argentina, although Brazilian exports are expected to increase as US shipments decrease.
(By Commoditiescontrol Bureau; +91-9820130172)
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