Global oilseed production for 2015/16 is projected at 529.0 million tons, down 2.0 million tons with foreign oilseeds accounting for most of the change, the U.S. Department of Agriculture (USDA) said in its latest report on global agriculture supply and demand estimates.
It said global soybean production was projected at 320.1 million tons, down 0.9 million, adding that the Indian soybean crop was estimated to fall by 1.5 million tons to 8.0 million on lower yields resulting from inconsistent rainfall during the growing season and late season heat.
“Larger projections for Canada, Russia, and Ukraine partly offset the reduction for India. Global rapeseed production is projected at 67.5 million tons, up 0.5 million with a larger crop in Canada only partly offset by a lower forecast for India.,” it said.
Canada rapeseed production is raised 1.7 million tons to 17.2 million based on the latest survey results from Statistics Canada, the report added.
The India crop is reduced on lower projected area, reflecting planting progress to date. Palm oil production is reduced for Indonesia and Malaysia for 2015/16 reflecting unusually dry conditions from June through October 2015.
The Indonesia crop is reduced 2.0 million tons to 33.0 million and the Malaysia crop is reduced 0.5 million tons to 20.5 million. Other changes include reduced cottonseed production for China and Pakistan.
The report said that global oilseed trade for 2015/16 was projected at 147.7 million tons, up 0.7 million from last month, with soybean exports accounting for most of the change with higher projections for Argentina, Serbia, and Ukraine. Estimates of soybean imports were raised for Pakistan, Taiwan, and Iran. Rapeseed exports were also higher with an increase for Canada only partly offset by a lower projection for Australia.
Global oilseed crush is projected lower primarily on reduced rapeseed and soybean crush for India. For Pakistan, increased soybean crush partly offsets lower rapeseed and cottonseed crush.
Global oilseed ending stocks are projected at 95.1 million tons, up 1.0 million mainly reflecting increased rapeseed stocks in Canada. Global vegetable oil stocks are projected at 16.1 million tons, down 2.3 million mainly on lower palm oil stocks in Indonesia, Malaysia, and India, the report said.