According to USDA-FAS GAIN report AR2024-03 released March 14th, Argentine will almost double production of oil seeds during the 2023-2024 market year compared to the previous year impacted by drought.
The revised projection is for a soybean crop of 49.5 million metric tons (1,819 million bushels) up to 141 percent from the previous market year. Soybean crush will increase by 47 percent to 39.0 million metric tons representing 67 percent of available supply amounting to 57.91 million metric tons including the 2024 harvest and imports.
A bountiful harvest coupled with an improvement in the economy under the new Administration will benefit both domestic producers and through increased supply will indirectly constrain prices for soybean meal in the U.S.