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Global Soybean Stocks Raised on Higher Production

The marketing year 2023/24 global soybean production forecast has increased by 0.1 million metric tons this month to 399.0 million metric tons.

USDA’s Monthly Oil Crops Outlook shows higher production in Argentina, the United States, Paraguay, Russia, China, and Bolivia more than offset lower production in Brazil. Global soybean trade for 2023/24 is forecasted to be up from last month and stands at 170.9 million metric tons due to higher exports from Paraguay and Russia. The global soybean crush is nearly unchanged this month, as higher crush in Argentina, India, Egypt, and Thailand offsets the reduced crush volume in Brazil.

Global soybean ending stocks are forecast at 114.6 million metric tons, up 0.4 million metric tons from last month’s forecast and 12.7 million metric tons above last year’s level. In the latest Crop Production report by USDA, U.S. soybean production was raised by 35.2 million bushels on higher yields. The harvested acreage is reduced this month 0.4 million acres on lower harvested area.

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