The U.S. soybean supply for marketing year (MY) 2024/25 is forecast at 4.8 billion bushels, 8 percent higher than MY 2023/24 but down 20.0 million bushels from last month’s forecast. According to the USDA’s National Agricultural Statistics Service (NASS) Acreage report released on June 28, 2024, 86.1 million acres of soybeans were planted in the United States for MY 2024/25, up 3 percent from last year. The U.S. soybean yield forecast remains unchanged this month at 52.0 bushels per acre. Crop conditions as of July 7, 2024, are better than the same time last year with 68 percent of the crop rated in good-to-excellent condition, compared with 51 percent last year. U.S. soybean production for MY 2024/25 is forecast at 4.4 billion bushels, down 15.0 million bushels from last month but 270.3 million bushels higher than production in MY 2023/24. With a lower production forecast and unchanged soybean crush and exports forecasts, U.S. ending soybean stocks for MY 2024/25 are projected at 435.0 million bushels for MY 2024/25, down 20 million bushels from last month’s forecast. The U.S. season average soybean price forecast for MY 2024/25 is lowered 10 cents this month to $11.10 per bushel.
The global rapeseed production forecast for MY 2024/25 is raised this month by 0.8 million metric tons to 87.9 million metric tons on higher production in Canada, the European Union (EU), and the United States. Canada’s rapeseed production is increased to 20.0 million metric tons and the EU’s rapeseed production is increased to 18.9 million metric tons. The United States is expected to produce a record high crop of 2.2 million metric tons on record-high acreage. With a higher supply of rapeseed, global rapeseed crush is projected at 83.6 million metric tons, 0.6 million metric tons higher than last month but 0.4 million metric tons lower than crush in MY 2023/24.
Source : usda.gov