USDA lowered estimates of global oilseed production in 2023/24 MY

The analysts of the U.S. Department of Agriculture (USDA) in their October report lowered the estimate of the global oilseeds production in the season-2023/24 from the September 660.89 mln tonnes to 659.36 mln tonnes (629.19 mln tonnes in 2022/23). According to the experts, the adjustments were made against the background of the lower forecasts of oilseed harvest in India and the United States.

Thus, the harvest of major oilseeds in 2023/24 MY, according to the updated data, will amount to 540.96 mln tonnes (542.36 mln tonnes in September monitoring; 511.42 mln tonnes in 2022/23 MY), including soybeans production is now expected at 399.5 mln tonnes (401.33 mln tonnes), rapeseed – 85.04 mln tonnes (85.18 mln tonnes), sunflower – 56.42 mln tonnes (55.85 mln tonnes).

The estimate of the global oilseeds exports was also lowered – from 195.89 mln tonnes to 194.62 mln tonnes (201.61 mln tonnes in 2022/23 MY). In particular, the USDA adjusted the sales forecasts for three major crops: soybeans – to 168.24 mln tonnes (168.42 mln tonnes), rapeseed – to 17.01 mln tonnes (17.46 mln tonnes), sunseed – to 3.09 mln tonnes (3.74 mln tonnes).

In terms of processing volumes, the updated estimate for all oilseeds is now 540.69 mln tonnes, up from 539.45 mln tonnes in September and 522.17 mln tonnes in 2022/23. The forecasts for soybeans and sunseed were raised to 328.49 million tons (327.74 million tons in September) and 52.33 million tons (51.43 million tons), respectively. On the contrary, the forecast for rapeseed was lowered from 81.42 million tons to 81.08 million tons.

Tags: USDA Report, sunseed, rapeseed, soybean