USDA lowered its estimate of world oilseed production

In their April report, analysts at the U.S. Department of Agriculture (USDA) lowered their estimate of world production of oilseeds in the 2023/24 season to 658.5 million tons (637.47 million tons in 2022/23 MY) from March’s 658.68 million tons.

Thus, the crop of major oilseeds in MY 2023/24, according to the updated data, will be 539.92 million tons (539.83 million tons in the March monitoring; 519.8 million tons in MY 2022/23), including soybean production now expected at 396.73 million tons (396.85 million tons a month earlier), rapeseed at 88.39 million tons (88.07 million tons), sunflower at 54.8 million tons (54.91 million tons).

The estimate for world oilseed exports was also adjusted, from 199.64 million tons to 199.41 million tons (202.02 million tons in MY 2022/23). In particular, USDA markedly reduced its sales forecast for soybeans from 173.61 million tons to 173.06 million tons (172.09 million tons).

As for processing volumes, the updated estimate for all oilseeds now stands at 541.84 million tons versus 541.25 million tons for the March report and 524.88 million tons for the 2022/23 season.

Tags: soybean, sunseed, rapeseed, crop forecast