Larger stocks weaken soybean prices

The International Grains Council (IGC) estimates that world soybean production will increase by 4% in 2022-23 compared to a year earlier. Consumption is also increasing, but this does not compensate for higher production, which means that global closing stocks are increasing. In Brazil, most of the soybean area (90%) has been harvested. Several analysts estimate Brazilian production at 154 million tons of soybeans. Growers are being encouraged to sell in large volumes as cooperatives and grai