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Informist, Monday, Jan. 13, 2025

 

MUMBAI – The US Department of Agriculture has lowered its estimate for global oilseed output in 2024-25 to 680.35 million tonnes from 683.38 million tonnes projected last month. The cut is mainly due to lower soybean, peanut, and rapeseed production, the department said in its monthly report.

 

The production estimate for the US has been cut by 2.7 million tonnes to 128.5 million tonnes. "Soybean production is estimated at 4.4 billion bushels, down 95 million, led by decreases for Indiana, Kansas, South Dakota, Illinois, Iowa, and Ohio," the report said.

 

Production in other countries, excluding the US, is projected at 551.9 million tonnes, down from 552.2 million tonnes estimated last month. This is mainly due to lower rapeseed production in India, Russia, and Uruguay, and lower soybean production in Russia and China, the report said. 

 

The soybean production forecast for Argentina was unchanged at 52 million tonnes. Similarly, estimates for Brazil and Paraguay remain largely unchanged from last month at 169 million tonnes, and 11.2 million tonnes, respectively.

 

Along with forecasts of lower soybean production in 2024-25, the USDA has estimated soybean exports unchanged, with a rise in crushing and a fall in ending stocks. The estimate for global soybean exports in 2024-25 is unchanged at 181.9 million tonnes, the report said. 

 

Global soybean crushing is now pegged 1.9 million tonnes higher at 349.3 million tonnes, the report said. "Crush is higher for Brazil on strong first-quarter soybean meal exports. The Iraq soybean balance sheet was also added to the database as soybean imports have risen over the past few years, which contributed to higher month-over-month global crush," the report said. 

 

Meanwhile, soybean meal output in 2024-25 is estimated slightly higher at 274.1 million tonnes from 272.5 million tonnes. Imports of soybean meal are pegged higher due to abundant imports by the EU and South Asia, the report said. Soybean meal is a by-product of the extraction of soybean oil. 

 

Meanwhile, India's production of soybean meal in 2024-25 has been projected at 880,000 tonnes, 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.

 

"The US season-average soybean price for 2024-25 is projected at $10.20 per bushel, unchanged from last month. The soybean meal price has increased by $10 to $310 per short ton. The soybean oil price is forecast unchanged at 43 cents per pound," the report said.  End

 

US$1 = INR 86.45

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Reported by Anjali Lavania

Edited by Avishek Dutta

 

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