Global Market Report Update: Soyabean
13 Nov, 2023
India’s Soyabean Production:
India’s soybean crop, which is the fifth largest in the world, is expected to be slightly lower this year due to a slump in soil moisture. According to India’s meteorological department data, India received its lowest rainfall in over a century in August, with a 36% reduction compared with the usual amount. Normally, August receives the second-highest rainfall of the monsoon months after July. India’s soybean production is expected to be 11.87 million tons in the 2023-24 season, marking a reduction of 4.73% from the previous year.
Global Soybean Production:
According to the latest USDA report for the 2023-24 season, the world is expected to have good supplies of soybean throughout the year. The following table shows the production estimates in million tons:
Conclusion:
Looking at the crop size, there is a likelihood of a stable price scenario in the coming months. Buyers should keep buying from now as prices at harvest are mostly at the lowest level. However, it is uncertain how much prices will adjust by the end of the year, especially with the possibility of an El Niño event that could change the game in the coming months.
