The US Department of Agriculture (USDA) raised its forecasts for global soybean production and crushing for the 2025–2026 season.
Key updates in the report:
- Global production: Global soybean production is expected to rise by 800,000 tonnes to reach 422.5 million tonnes, reflecting larger crops in Russia and India, while production is expected to decline in Canada and Ukraine.
- Crushing: Global soybean crush volumes for the 2025–2026 season are expected to increase by 300,000 tonnes to 365.2 million tonnes, mainly due to higher supplies in Russia and India.
- Exports and imports:
- Global soybean exports are expected to decline by 300,000 tonnes due to lower supplies from Ukraine and Benin.
- Imports are expected to decline in Japan, Russia, and Saudi Arabia, while increasing in Brazil.
- Stocks: Global soybean ending stocks are expected to rise by 400,000 tonnes to 122.4 million tonnes, driven mainly by higher stocks in Brazil and Russia.
Soybean oil use in biofuel:
- 2025–2026 season: The USDA kept its forecast for soybean oil use in biofuel production unchanged at 15.5 billion pounds.
- 2024–2025 season: The estimate was revised downward to 11.758 billion pounds, compared with last month’s estimate of 11.9 billion pounds.
- 2023–2024 season: An estimated 12.995 billion pounds of soybean oil was used in biofuel production.
