The global soybean crop may increase slightly

In the 2022-2023 agricultural year, the global soybean harvest could reach 386 million tons, increased by 8.7% compared to the 2021-2022 agricultural year, the International Grains Council predicts.

At the same time, global soybean trade could fall by 6.4% to 166 million tons, leading to a 17.4% expansion in carryover stocks to 54 million tons. International Grains Council expects soybean consumption to grow by 3.9% to 364 million tons.

“An increase in the yield of soybean can lead to the growth in demand for mineral fertilizers. The application of nitrogen fertilizers can reach 88-89 kg per 1 ton, phosphorus fertilizers — 22-25 kg, and potassium fertilizers — 37-40 kg,” – commented the information and analytical service of Fertilizer Daily.