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Informist, Monday, Nov. 11, 2024

 

MUMBAI – The US Department of Agriculture has lowered its estimate for global oilseed output in 2024-25 (May-Apr) to 682.22 million tonnes in November from 687.32 million tonnes projected last month. The drop can be attributed to lower soybean production in the US and India, the department said in its monthly report. 

 

Global ending stocks of oilseed in 2024-25 are pegged at 147.67 million tonnes, down from 150.85 million tonnes projected last month, the department said. Production of oilseeds in the US in 2024-25 is estimated at 131.15 million tonnes, down 3.25 million tonnes from last month's estimate.

 

The department cut its estimate for global soybean output by 3.52 million tonnes to 425.4 million tonnes, mainly because of lower production in the US and India. Production of soybean in India is estimated at 12.6 million tonnes, down 200,000 tonnes from last month's projection, the report said.

 

Soybean production forecasts for Brazil, Argentina, China, and Paraguay remain unchanged from last month at 169 million tonnes, 51 million tonnes, 20.7 million tonnes, and 11.2 million tonnes, respectively.

 

Global soybean exports for 2024-25 are expected to rise by 180,000 tonnes to 181.7 million tonnes, the report said. The rise in exports is mainly due to higher shipment from Brazil, Canada, and Benin. Global ending stocks of soybean in 2024-25 are pegged at 134.74 million tonnes, down 2.91 million tonnes from the last estimate because of lower stocks for the US, Brazil, and Argentina. 

 

The forecast for season-average US soybean price in 2024-25 is unchanged at $10.80 per bushel. Similarly, the estimates for soybean meal are unchanged at $320 per short tonne while estimates for soyoil prices are up one cent to 43 cents per pound, the agency said in its report.

 

The agency sees global soybean meal output in 2024-25 at 271.49 million tonnes, down from the estimate of 271.65 million tonnes last month. Soybean meal is a derivative of soybean, manufactured by crushing oilseeds and is mainly used in producing poultry feed. 

 

Meanwhile, India's production of soybean meal has been projected at 880,000 tonnes in 2024-25, unchanged from the estimate last month. Production in 2023-24 has been estimated at 904,000 tonnes. India is one of the largest importers of soyoil and an exporter of soybean meal.  End

 

US$1 = INR 84.38

 

 

Reported by Ashutosh Pati

Edited by Tanima Banerjee

  

 

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