Global changes in soybean production and consumption are reshaping global markets. Global oilseed prices have fallen considerably since last year’s record highs. World soybean production is likely to hit a record high in 2023/24, with global ending stocks projected to rebuild for the second consecutive year. Global soybean trade continues to be driven by China, which accounts for about 60% of total soybean imports. China’s domestic consumption has grown at about 4% per year over the past 10 years. In the United States, increased biodiesel production has diverted more soybean production to be crushed domestically for soybean oil, reducing soybean exports. As a result, Brazil and other suppliers have seen their market shares grow. In 2023/24, Brazil is projected to account for almost 58% of total soybean exports.
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