USDA lowered its estimate of world oilseed production

Analysts of the U.S. Department of Agriculture (USDA) in their June report lowered the estimate of the global oilseeds production in the season-2024/25 from 687.06 mln tonnes in May to 685.81 mln tonnes (656.83 mln tonnes in 2022/23).

Thus, the harvest of major oilseeds in 2024/25 MY, according to the updated data, will total 564.76 mln tonnes (566.03 mln tonnes in the previous monitoring; 539.51 mln tonnes in 2023/24 MY), including soybeans production is now expected at 422.26 mln tonnes (unchanged from the previous month), rapeseed – 87.07 mln tonnes (-1.27 mln tonnes), sunseed – 54.8 mln tonnes (unchanged).

The estimation of the global oilseeds exports was also adjusted – from 206.84 mln tonnes to 206.1 mln tonnes (198.56 mln tonnes in 2022/23 MY). In particular, the USDA significantly lowered the forecast of rapeseed sales – from 17.64 mln tonnes to 16.89 mln tonnes (16.8 mln tonnes).

As for the processing volumes, the updated estimate for all oilseeds is 559.96 mln tonnes, compared to 560.84 mln tonnes in the May report and 543.13 mln tonnes in the 2023/24 season.

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