According to the International Center for Economic Analysis and Agricultural Market Studies (CEEMA), the supply and demand report from the United States Department of Agriculture (USDA), released on December 10, brought new data that moved the soybean market. The prices of the oilseed rose slightly after the release, with the first month quoted closing on Thursday (12) at US$ 9.95/bushel, compared to US$ 9.93 the previous week.
World soybean production was revised to 427.1 million tons, while final stocks rose to 131.9 million. In the United States, the production estimate remains at 121.4 million tons, and final stocks remain stable at 12.8 million.
South America continues to be a point of attention. Brazilian production was maintained at an impressive 169 million tons, while Argentina saw an increase to 52 million. Together, projections for the South American harvest reach 238 million tons, compared to 218 million in the previous season, consolidating the region as a key player in the global market.
The Chinese Ministry of Agriculture also revised its grain estimates for 2024/25. Soybean production in the country was adjusted to 20.6 million tons, an increase of 0.54% compared to the previous forecast. However, the corn harvest fell by 1%, now estimated at 293.8 million tons.
With Chinese soybean imports projected at 109 million tons, the global market remains attentive to the movements of the world’s largest buyer of the commodity.
Despite the increase in production, the average price paid to the American producer was reduced to US$ 10.20/bushel, compared to the US$ 10.80 projected in November.