See the latest Soybeans & Oil Crops Outlook report.
Global Soybean Crush Forecast to Reach a Record High
Note: Effective April 2025, Oil Crops Outlook will publish at 3:00 p.m. ET.
The global soybean crush forecast is increased this month by 2.9 million metric tons to a record-high level of 352.8 million metric tons on higher soybean crush in China, Argentina, Thailand, Ukraine, and Pakistan supported by increased soybean meal and soybean oil demand. Global soybean meal and oil consumption forecasts are raised by 1 percent and 2 percent, respectively, for marketing year (MY) 2024/25 due to lower and competitive prices against the substitutes. For MY 2024/25 global soybean meal consumption is forecast to reach 270.4 million metric tons, up 16.1 million metric tons from MY 2023/24. Soybean oil consumption is estimated at 67.6 million metric tons, up 5.7 million metric tons from MY 2023/24. With the global soybean production for MY 2024/25 nearly unchanged this month and higher demand for soybean crush, global ending stocks are forecast to decline but remain at a record-high level.
The U.S. soybean supply and demand forecast are unchanged this month. The season average soybean price is forecast at $9.95 per bushel, 15 cents below last month’s forecast. The soybean meal and oil prices remain unchanged this month at $310.00 per short ton and 43 cents per pound, respectively.