Soybean exports surge globally

Jul 18, 2024

Brazil and Argentina drive growth in global soybean exports

By Farms.com

Recent data from the USDA Oil Crops Outlook highlights a robust increase in the global soybean trade for the 2023/24 marketing year, thanks primarily to heightened exports from key South American nations.

The total trade is now forecasted at 175.1 million metric tons, with predictions set even higher at 180.2 million metric tons for the subsequent year.

Brazil, a leading soybean exporter, has its projections for 2023/24 set at 103.0 million metric tons, maintaining a steady output into 2024/25 with 105.0 million metric tons.

Argentina follows suit with an adjusted export figure of 5.6 million metric tons for 2023/24. These increases are in response to strong international demand, particularly from China, which has adjusted its import forecast up to 108.0 million metric tons for the current marketing year.

Concurrently, the U.S. soybean production outlook for 2024/25 shows a modest decline to 4.4 billion bushels, affecting ending stocks which are projected to decrease by 20 million bushels from the previous forecast. Despite this, the U.S. season-average price for soybeans is expected to decrease slightly to $11.10 per bushel.

These developments underscore a dynamic period in the global agricultural landscape, marked by significant shifts in production, export, and consumption patterns across major players in the soybean market. As these trends continue to unfold, they will undoubtedly influence strategic decisions within the agricultural sector worldwide.

Video: Learning to Wrench From Dad the Hard Way

Harvest is a week out and the farm picked this week to fall apart. The truck needs a battery, the barn curtain's got a problem, and the corn and beans are telling us we're out of time to get it all fixed.

So it's a full day of wrenching. Tork supervises while I get the truck back running, then we're out at the hog barn where one rusted up part has the whole curtain system hung up. Ladder work, cable work, and a little dad-and-son disagreement about the right way to do it. We close it out walking the fields, shelling beans and checking corn, because whether everything's fixed or not, harvest starts when harvest starts.

Chapters: 00:00 Everything breaks the week before harvest 01:00 Tork supervises while I fix the truck 12:30 Out to the barn to find the curtain problem 14:30 One rusty part hung up the whole curtain 20:00 Running the curtain cable from the ladder 24:00 Walking the beans and corn before harvest 26:30 Wrapping up

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