Global soybean ending stocks were raised to 122.5 MMT, up 1.06 MMT m/m and above trade expectations. The largest increases came from Brazil (+0.8 MMT to 32.3 MMT) and the EU (+0.7 MMT to 1.98 MMT), while estimates were reduced for Argentina (-0.3 MMT to 24.6 MMT) and the U.S. (-0.1 MMT to 10.2 MMT).

Global soybean consumption in the current season was revised up by 1.5 MMT to 410.7 MMT. Brazil’s crush forecast was lifted by 1 MMT to 61.1 MMT, while Argentina’s was increased to 50.1 MMT (+0.5), and the U.S. to 50.9 MMT (+0.2).

The forecast for global soybean oil production in 2024/25 was increased by 0.6 MMT to 68.7 MMT, with Brazil contributing the largest revision (up 0.4 MMT to 11.6 MMT), followed by Argentina (up 0.1 MMT to 8.5 MMT) and the U.S. (up 0.05 MMT to 13.06 MMT). Soybean oil exports were raised by 0.4 MMT to 13.8 MMT, largely due to adjustments for the U.S., while ending stocks were revised down by 0.2 MMT to 5.8 MMT.

Global soybean meal production was increased by 1.7 MMT to 278.6 MMT. Export estimates rose by 1.9 MMT to 79.8 MMT, consumption was up by 1.4 MMT to 271.8 MMT, and ending stocks were lifted to 17.5 MMT, an increase of 0.5 MMT. Brazil’s soybean meal output and exports were revised up by 0.9 MMT and 1 MMT respectively, while Argentina’s were both increased by 0.5 MMT.

Meanwhile, global soybean production projections saw little change in this update. Forecasts for the main producers remained unchanged, with the U.S. at 118.8 MMT, Brazil at 169 MMT, and Argentina at 49 MMT. The global export forecast was slightly raised to 182.1 MMT. Canada’s exports were revised up by 0.3 MMT to 5.3 MMT, while Ukraine’s were revised down by the same amount, also landing at 5.3 MMT.

In summary, despite a modest increase in global soybean stocks, the April WASDE report is viewed as neutral to slightly bullish, with strong crush demand supporting prices. CBOT soybean futures moved higher as the market focused more on robust processing demand than on the stock build.