U.S. Soy Analysis

Year Over Year, USDA Analysts Forecast Higher Supplies, Crush and Exports Of U.S. Soy

The U.S. Department of Agriculture released its World Agricultural Supply and Demand Estimates Report, forecasting a U.S. soybean crop at 121.1 million metric tons (MMT) or 4.45 billion bushels — up 7.76 MMT or 285 million bushels based on increased acreage and yield. USSEC's Jim Sutter, Chief Executive Officer, and Jason Grant, W.G. Wysor Professor of Agriculture and Director for the Center of International Agricultural Trade at Virginia Tech shared insights and perspective on what shaped this report and what it might mean for the global soy complex moving forward. Here are a few of the numbers:

• With higher beginning stocks and production, soybean supplies are forecast at 130.6 MMT (4.8 billion bushels), up 8% from 2023/24.
• U.S. soybean crush is also projected up 3.4 MMT (125 million bushels) at 66.1 MMT (2.43 billion bushels). This stems from increased demand for soybean oil for renewable diesel. Meanwhile, soybean meal exports are forecast at 17.3 million short tons, representing 21% of global trade.
• Worldwide soybean exports for 2024/25 are projected up 4% from last year, primarily due to higher exports from the United States, Brazil, Argentina and Ukraine. This is supported by increased imports of soy by China, Pakistan, Egypt, Mexico, Iran, and Vietnam. Additionally, global ending stocks for 2024/215 are forecast up at 128.5 million tons.

Watch the full webinar for all the details. The recording is available in: Bahasa Indonesia, English, simplified Chinese, French, Japanese, Korean, Spanish, and Vietnamese. 

This story was partially funded by U.S. Soy farmers, their checkoff and the soy value chain. 

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