Global changes in soybean production and consumption are reshaping global markets. Global oilseed prices have fallen considerably since last year’s record highs. World soybean production is likely to hit a record high in 2023/24, with global ending stocks projected to rebuild for the second consecutive year. Global soybean trade continues to be driven by China, which accounts for about 60% of total soybean imports. China’s domestic consumption has grown at about 4% per year over the past 10 years. In the United States, increased biodiesel production has diverted more soybean production to be crushed domestically for soybean oil, reducing soybean exports. As a result, Brazil and other suppliers have seen their market shares grow. In 2023/24, Brazil is projected to account for almost 58% of total soybean exports.

This seminar will explore the market outlook for soybeans and vegetable oils, and examine the implications of the US biodiesel industry and recent developments in South American soybean production.

Introduction

• Joseph Glauber, Senior Research Fellow, IFPRI and interim Secretary of AMIS

Market Situation and Outlook for Soybeans

• Di Yang, Economist, Food and Agriculture Organization of the United Nations (FAO)

Growth of the US biodiesel Industry and its implication for the Global Soybean Market

• Joanna Hitchner, Chair, Interagency Commodity Estimates Committee (ICEC) for Oilseeds, World Agricultural Outlook Board, USDA

Vegetable Oils: Some Observations on World Markets and Trade

• Darren Cooper, Senior Grains & Oilseeds Economist/Commodities Analyst, International Grains Council  

Recent Developments in the South American Soybean Complex

• Ramiro Costa, Chief Economist, Buenos Aires Grain Exchange

Moderator

• Seth Meyer, USDA Chief Economist and AMIS chair