Market Outlook

See the latest Soybeans & Oil Crops Outlook report.

Global Soybean Supply Increases in MY 2024/25

A higher carryover raised the marketing year (MY) 2024/25 U.S. soybean ending stocks forecast by 10.0 million bushels to 455.0 million bushels. The increase in expected carryover stocks is due to a reduction of the soybean crush forecast for MY 2023/24, which is reduced by 10.0 million bushels to 2.29 billion bushels due to lower domestic meal demand. The higher domestic soybean meal prices along with slower livestock growth contributed to revised estimate for U.S. soybean meal demand. The forecasts for soybean, soybean meal, and soybean oil prices are unchanged this month.

Global rapeseed production for MY 2024/25 is reduced this month by 1.3 million metric tons on a lower production forecast for the European Union (EU) and Australia. The EU rapeseed production is reduced this month by 0.3 million metric tons to 18.8 million metric tons on lower yield. Australia rapeseed production is reduced by 1.0 million metric tons to 5.5 million metric tons on lower planted acreage. Global rapeseed crush and ending stocks are expected to decline.