The May report of the United States Department of Agriculture (USDA), released this sixth day (10), projects the world soybean harvest in 2024/25 of 422.26 million tons. For 2023/24, the forecast is 396.95 million tons.

The final stocks for 2024/25 are estimated at 128.5 million tons, above the market forecast of 120 million tons and the estimate for 2023/24, of 111.78 million – analysts expect the number to be 112.4 million.

For Brazilian production, the USDA reduced the production estimate to 154 million tons, against 155 million tons in the previous report and 152.6 million tons in the market forecast. The initial estimate for 2024/25 is 169 million tons.

Now for Argentina, the forecast for 2023/24 was maintained at 50 million tons, against the market expectation of 49.5 million. For 2024/25, the initial projection is 51 million
tons.

Chinese imports in 20023/24 amounted to 105 million tons. For the next soybean cycle, a number is expected to rise to 109 million tons.