Global sunseed production will increase in 2023/24 MY

The analytical agency Oil World (Germany) forecasts the global production of sunflower seeds in 2023/24 season at 56.7 mln tonnes, which is 3% more than in 2022/23 MY.

Oil World (Germany) expects the sunseed harvest in Ukraine and Russia to be about 8% higher than in 2022. At the same time, in the European Union, Argentina, Turkey and the United States, the production of this crop will decrease compared to last year.

The global sunseed crushing volume in 2023/24 is estimated to reach 52.5 mln tonnes, which is approximately the same as last season. Higher crushing volumes are expected in Ukraine, Russia and the United States. World production of sunflower oil is expected to remain at the level of the previous season and amount to 22.1 mln tons.

Exports of the oil to China, India and many other countries will recover after the decline observed in 2022/23 season. Exports of sunflower oil from the US have recently declined and will increase as the new harvest arrives at the refineries in the coming months.

It is forecasted that the final world stocks of sunflower oil will be relatively low and amount to 4.23 million tons.

Tags: sunflower oil, sunseed, crop forecast