The volume of soybean production in the world

The volume of soybean production in the world

The volume of soybean production in the world in the current MY is forecasted at a level of almost 341 million tons, which is 7 million tons less than the figure of the previous MY.

Such information was provided by APK-Inform.

The main countries in which the decrease of soybean production is expected are the countries of South America. So, this year the figure will be 171.6 million tons, which is 13.23 million tons less than the figure of the previous year. Then the production of soybean reached a level of 184.83 million tons.

In Argentina, the forecast for soybean production has decreased by 6 million tons and now it is at 46 million tons. The reason for the decrease in forecasts was unfavourable weather conditions, namely the drought, which lasted from November to February.

Also, the forecast for the production of soybeans is reduced in Paraguay (by 250.000 tons), Uruguay (by 400.000 tons) and Bolivia (by 350.000 tons). Initially, the forecast for these countries was 9.75 million tons, 3.3 million tons and 2.55 million tons respectively.

However, in Brazil, forecasts for soybean production were raised to 111 million tons.

It should be recalled that experts have raised the overall forecast for the oilseeds production in the world to 552.1 million tons.

The world’s soybean production continues to grow, primarily due to the increase in planting areas in Latin American countries and the United States. However, there are potential risks in the global soybean market related to changing climatic conditions and shifting demand from major importers such as China. As a result, major soybean producing countries such as Brazil, the United States, Argentina, and China may need to make changes to their soybean production strategies to ensure stable demand in the global market.