Soybean production could be 7 percent more than last season

By: STA Date: 2023. 10. 10. 09:30

In the September forecast of Oil World, it expects a global soybean harvest of 394.4 million tons in 2023/2024, which is almost 7 percent higher than the previous season. financial year. In the Northern Hemisphere, emissions could be 169.2 million tons (-2 percent), and in the Southern Hemisphere 225.2 million tons (+15 percent).

(Photo: Pixabay)

Consumption may increase by 3 percent to 379 million tons, and the closing stock of the crop to 106 million tons (+17 percent). This year, 2.9 million tons of soybeans can be harvested in the European Union, 16 percent more than a year earlier. A good harvest is expected in the main producing member countries: in Italy 1.1 million tons (+15 percent), in France 420 thousand tons (+14 percent, in Romania 320 thousand tons (+23 percent) of soybeans can be stored. In Hungary, information from the Ministry of Agriculture (AM) from 37 percent of the 58,000-hectare area, with an average yield of 3 tons per hectare, the farmers harvested 64,000 tons of soybeans by October 4.

According to AKI PÁIR data, the producer price of soybeans was HUF 150.2 thousand/ton (-40 percent) in the last week of September

At the same time, full-fat (extruded) soy (30-40 percent crude protein, 17-23 percent crude fat, and up to 12 percent water) was sold at HUF 221.6 thousand/ton (-7 percent) excluding VAT and shipping costs. On the Chicago Mercantile Exchange (CME/CBOT), the November quotation for soybeans was in the range of $465-479/ton between September 25 and October 6.

AKI PÁIR