Global 2015/16 oilseed production seen 2 million tons lower, says USDA

Global oilseed production for 2015/16 is projected at 526.9 million tons, down 2.0 million with lower forecasts for soybeans, sunflower seed, peanuts, and cottonseed, the latest world agriculture estimates report from the US Department of Agriculture said.

It said global soybean production is projected at 319.0 million tons, down 1.1 million on smaller crops in the United States and South Africa. Larger soybean production in China is partly offsetting.

Global sunflower seed production is reduced with lower projections for Argentina and South Africa partly offset by an increase for Russia. Other changes include reduced cottonseed production for China, India, and Pakistan, the report said.

It said global oilseed trade for 2015/16 is projected at 148.0 million tons, up 0.3 million from last month. Increased soybean exports for Argentina and increased soybean and rapeseed exports for Canada more than offset lower U.S. soybean exports.

Global oilseed crush is projected higher mainly on increased soybean crush for Argentina, China, and Vietnam and increased rapeseed crush for Canada and China.

Global oilseed stocks are projected at 90.9 million tons, down 4.2 million on reduced soybean stocks for the United States, Argentina, and China, and reduced rapeseed stocks for Canada, according to the report.

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