In the context of overall high soybean production in South America and a concentration of Brazilian soybean exports, market attention has turned to soybean production for the new year. In May, the US Department of Agriculture predicted that global soybean production would enter a period of growth in the 2023/24 season, with output reaching a record-breaking 411 million tons, an increase of more than 40 million tons or 10.8% compared to the previous year. Among these, US soybean production is expected to increase by 6.36 million tons to 123 million tons, with end-of-season stocks loosening from tightness. With strong expectations for increased production, global soybean prices have weakened, causing new contracts for US soybeans to fall near cost levels.
Global Soybean Enters Period of Increased Production, Price Trend Weakens
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