USDA forecasts global oilseed production down 643 million tons for 2022/23

Global 2022/23 oilseed production is forecast down to 643 million tons as lower U.S. soybean production is only partially offset by higher Russia sunflowerseed production, the U.S. Department of Agriculture (USDA) said in its latest monthly report on world agriculture demand and supply estimates.

Oilseed trade is down slightly on lower U.S. soybean exports partially offset by higher Brazil soybean exports, it said, adding that crush is up marginally on higher Russia and EU sunflowerseed processing.

“Global ending stocks are down on lower U.S. and China soybean and Ukraine sunflowerseed carryout, partially offset by higher Argentina soybean stocks. Global protein meal production is up slightly in line with crush. Meal exports and domestic consumption are up marginally predominantly on higher sunflowerseed trade and consumption,” the report said.

Meal ending stocks are down 1 percent on smaller sunflowerseed meal carryout. Global vegetable oil production is up slightly in line with crush. Trade is down fractionally on lower Malaysia palm oil exports. Domestic consumption is little changed overall as higher EU sunflowerseed oil consumption is offset by lower EU and Sub-Saharan Africa palm oil consumption, it added.

According to the report. ending stocks are up over 1 percent led by sunflowerseed and soybean oil gains. The projected U.S. season-average farm price for soybeans is down 30 cents to $14.40 per bushel.

Production slightly up in 2021/22

For 2021/22, the USDA said oilseed production is up slightly at 600 million tons as higher China rapeseed and Argentina soybean crops are partially offset by lower global cottonseed production.

“Oilseed trade is nearly unchanged as lower South America soybean exports are mostly offset by higher global sunflowerseed and rapeseed trade. Crush is little changed overall as lower China soybean processing is mostly offset by higher South America soybean and China rapeseed crush,” the report pointed out.

Ending stocks, it said, are up over 2 percent on higher South America soybean and EU rapeseed carryout. Global protein meal production is little changed overall in line with offsetting changes to crush. Global meal trade is up marginally on higher Russia sunflowerseed exports.

According to the report, meal consumption is down slightly led by lower China soybean meal consumption. Global ending stocks are up fractionally on higher soybean meal carryout partially offset by lower sunflowerseed meal stocks. Global vegetable oil production is down slightly on lower Malaysia palm oil production.

Global vegetable oil trade is nearly unchanged this month as lower Argentina soybean oil and Malaysia palm oil exports are mostly offset by higher sunflowerseed oil trade, the report said, adding that global vegetable oil consumption is down fractionally on lower palm oil food use, while ending stocks are up slightly on higher EU rapeseed carryout.

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