The USDA lowers its global soybean production estimate

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The United States Department of Agriculture (USDA) anticipates a reduction in soybean production for the forthcoming season.

The USDA has adjusted its estimate for global soybean production downward. In its latest report, there was a significant increase projected for the upcoming season (2023/24), with the total set at 410.6 million metric tons (MT). However, there is now an anticipated considerable reduction in that figure. This would bring the global production for 2023/24 closer to 403 million metric tons.

At present, Brazil, the United States, and Argentina are at the forefront of soybean production, with China, India, and Paraguay following closely. It is anticipated that these top three producers will retain their positions, and the deviation from the initial expectations is largely attributed to the production levels in the first two countries. In this context, Biofuels International comments:

“According to research from Agrarmarkt Informations-Gesellschaft, it is expected that supplies in the United States, as well as in the EU and Brazil, will decrease compared to the previous month.”

Nevertheless, the 403 million metric tons still represent an increase on a global scale compared to the current quantity.

As of August 2023, the USDA reports that production stands at 402.787 million metric tons (2022/23), and the global ranking appears as follows:

Brazil: accounting for 40% of the worldwide production (163 million metric tons).
United States: contributing 28% to the global production (114.454 million metric tons).
Argentina: representing 12% of the global production (48 million metric tons).
China: comprising 5% of the global production (20.5 million metric tons).
India: contributing 3% to the global production (12 million metric tons).
Paraguay: accounting for 2% of the worldwide production (10 million metric tons).
Canada: contributing 2% to the global production (6.7 million metric tons).
Russia: representing 1% of the global production (6 million metric tons).
Ukraine: comprising 1% of the global production (4.6 million metric tons).
Bolivia: contributing 1% to the global production (3.3 million metric tons).