The global outlook for 2024/25 soybean production has increased by 6.9 million tons to 428.7 million on higher production for the United States, Ukraine, Russia, India, and Benin, according to the latest U.S. Department of Agriculture's (USDA) World Agricultural Supply & Demand Estimates (WASDE).

Global soybean exports increased by 1.0 million tons to 181.2 million on higher exports for the United States, Ukraine, Russia, and Benin partly offset by lower shipments for Argentina. Soybean imports are raised for Egypt, the EU, Iran, and Turkey. Global 2024/25 soybean ending stocks are increased by 6.5 million tons to 134.3 million mainly on higher stocks for China, the United States, and Argentina partly offset by lower stocks for Brazil.

The global wheat outlook for 2024/25 is for increased supplies, consumption, trade, and slightly lower ending stocks. Supplies are projected to increase by 3.5 million tons to 1,060.6 million primarily on larger production for Ukraine, Kazakhstan, and Australia that outweighs lower production for the EU and the United States. In addition, larger beginning stocks are forecast for several countries including the EU.

The Crop Production report issued by USDA’s National Agricultural Statistics Service (NASS) forecasted corn production down from 2023 and soybean production up from last year. Corn production is down 1% from last year, forecast at 15.1 billion bushels; soybean growers are expected to increase their production by 10% from 2023.