Farmers Rebuild Global Soy Supplies, Record Production Forecast

May 18, 2023

By Julie Deering

In its May 12 World Agricultural Supply & Demand Estimates report, U.S. Department of Agriculture analysts forecast record global soybean production for the 2023/24 crop year at nearly 410.6 million tons, up almost 11% from last year.

If realized, this will be the largest year-over-year production increase in nearly two decades, shares Jason Grant, W.G. Wysor Professor of Agriculture and Director of the Center for Agricultural Trade at Virginia Tech.

More than half the increase is estimated to come from increased yields in Argentina, after a historic drought. Meanwhile, USDA reports Brazil, Uruguay and Paraguay account from more than a quarter of production gains from increased plantings and higher yields across all three countries. U.S. farmers are forecast to plant acreage numbers similar to last year, but projections show higher yields.

“There are always some ups and downs depending on the supply and demand and many different local conditions, says Jim Sutter, U.S. Soybean Export Council Chief Executive Officer. “Currency has challenged some markets limiting imports from what was normal and what is really needed.”

Grant expects with the rebuilding of global grain and oilseed supplies that will normalize soon.

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Video: Dicamba Returns for Georgia Farmers: What the New EPA Ruling Means for Cotton Growers

After being unavailable in 2024 due to registration issues, dicamba products are returning for Georgia farmers this growing season — but under strict new conditions.

In this report from Tifton, Extension Weed Specialist Stanley Culpepper explains the updated EPA ruling, including new application limits, mandatory training requirements, and the need for a restricted use pesticide license. Among the key changes: a cap of two ½-pound applications per year and the required use of an approved volatility reduction agent with every application.

For Georgia cotton producers, the ruling is significant. According to Taylor Sills with the Georgia Cotton Commission, the vast majority of cotton planted in the state carries the dicamba-tolerant trait — meaning farmers had been paying for technology they couldn’t use.

While environmental groups have expressed concerns over spray drift, Georgia growers have reduced off-target pesticide movement by more than 91% over the past decade. Still, this two-year registration period will come with increased scrutiny, making stewardship and compliance more important than ever.