USDA lowered its estimate of world oilseed production

The analysts of the U.S. Department of Agriculture (USDA) in their May report lowered the estimate of the global oilseeds production in 2023/24 season from April 658.5 mln tonnes to 658.14 mln tonnes (637.72 mln tonnes in 2022/23).

Thus, the harvest of major oilseeds in 2023/24 MY, according to the updated data, will total 540.17 mln tonnes (539.92 mln tonnes in the previous monitoring; 519.83 mln tonnes in 2022/23 MY), including soybeans production is now expected at 396.95 mln tonnes (396.73 mln tonnes a month earlier), rapeseed – 88.39 mln tonnes (unchanged), sunflower – 54.8 mln tonnes (unchanged).

The estimate of the global oilseeds exports was also adjusted – from 199.41 mln tonnes to 198.29 mln tonnes (201.67 mln tonnes in 2022/23 MY). In particular, the USDA significantly lowered the sales forecast for soybeans – from 173.06 mln tonnes to 172.47 mln tonnes (172.05 mln tonnes).

As for the processing volumes, the updated estimate for all oilseeds is 543.56 mln tonnes, compared to 541.84 mln tonnes in the April report and 525.47 mln tonnes in the 2022/23 season.

Tags: sunseed, rapeseed, crop forecast, soybean, USDA Report