The expected global record production of soybeans in 2023/24 MY may cause problems with the sale of the Ukrainian oilseed. This opinion was expressed by the general director of IMC Alex Lissitsa on his Facebook page.
He reminded that USDA experts currently expect the global production of soybeans to be more than 400 mln tonnes in the next season.
"The USDA expects a significant increase in soybean production by almost 40 mln tonnes, primarily due to Argentina (+21 mln tonnes), Brazil (+8 mln tonnes), and the United States (+6 mln tonnes). And the global total production should be about 411 mln tonnes. Consumption will also increase by 24 mln tonnes, but this will not block the increase in production," the expert clarified.
As A. Lissitsa added, about 1.3 mln ha are currently planted with soybeans in Ukraine, "which, of course, will not affect world trade in any way, considering the production of Ukrainian oilseed at approximately 3 mln tonnes."
"But, obviously, we will have problems this year and next year with prices and with sales. If our western neighbors continue to block borders in the EU, the situation may become critical even for producers of unmodified soybeans," he summarized.