Market Outlook
See the latest Soybeans & Oil Crops Outlook report.
Global Soybean Stocks Decline
Global soybean stocks for the end of the marketing year (MY) 2023/24 are reduced this month by 1.8 million metric tons to 114.3 million metric tons on lower soybean production in Brazil and a historic revision of China’s soybean crush and import volumes. Despite this decline, global stocks remain the highest since MY 2018/19 (figure 1). Soybean production in Brazil is lowered by 1.0 million metric tons to 155.0 million metric tons on worsening crop conditions during February and early harvest results. With Brazil’s lower production and higher exports, Brazil’s September ending stocks for MY 2023/24 are reduced by 3.3 million metric tons to 33.1 million metric tons but remain the second largest stocks on record.
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