Global soybean production likely to be 1 million tonnes less than consumption

28-Jun-2025 01:16 PM

London. Although global soybean production is expected to increase significantly, its consumption is projected to grow even more.

In its new monthly report, the International Grains Council (IGC) has estimated global soybean production to rise to a new record level of 428 million tonnes during the 2025-26 season, which is 5 million tonnes higher than the estimated 423 million tonnes for the 2024-25 season.

In comparison, 396 million tonnes of soybean were produced globally in 2023-24 and 377 million tonnes in the 2022-23 season.

According to the IGC, global soybean trade is also set to expand. It is expected to grow by 3 million tonnes from 180 million tonnes in the 2024-25 season to 183 million tonnes in 2025-26.

Previously, 179 million tonnes were exported in the 2023-24 season and 173 million tonnes in 2022-23. Thus, global soybean trade may increase by 10 million tonnes over the three-season period.

Brazil, the USA and Argentina remain the top producers and exporters of soybeans, while countries like China, India and Uruguay also contribute significantly to production.

Global soybean consumption is projected to be 411 million tonnes in the 2024-25 marketing season and is estimated to reach 429 million tonnes in 2025-26, which is 1 million tonnes more than the projected global production. This imbalance is expected to lead to a decline in global ending stocks.

Previously, global consumption was recorded at 386 million tonnes in 2023-24 and 369 million tonnes in 2022-23. As a result, the supply and availability of soybeans may remain slightly tight in the 2025-26 marketing season.

Soybean sowing has been completed in the US, while it is still ongoing in China and India. In Brazil, sowing will begin in September, followed by Argentina in October.