In the 2024/25 season, global soybean production is anticipated to reach an all-time high of 422 million tons, marking a remarkable increase of over 6 percent from the previous year. This surge in production is set to be the largest annual percentage growth in over a decade, primarily driven by expanded cultivation areas in Brazil and increased plantings in the United States.

The demand for soybean imports continues to soar, chiefly led by China, where the resurgence in crush activity is fueled by robust consumption of both feed and vegetable oil. Nevertheless, the global appetite for soybean meal and oil remains robust, bolstering crush activity in Argentina and maintaining steady imports of soybeans from Paraguay.

Projections indicate that global soybean stocks will witness a substantial increase of nearly 17 million tons, with the bulk of this growth concentrated in major exporting countries such as Brazil, the United States, and Argentina. Notably, China is also expected to bolster its soybean stocks to 39 million tons, representing approximately 31 percent of global soybean stocks by the end of the marketing year.

As global and exporter stocks swell, it is anticipated that global soybean prices will trade with weak bias  in the 2024/25 season. In tandem, domestic prices will also remain under check.