Global oilseed production to rise by 7% in 2023/24

Published 2023년 5월 15일

Tridge summary

The USDA forecasts a 7% increase in global oilseed production for the 2023/24 season, reaching a record 672.0 Mt, driven by growth in soybean production in South America and sunflower seeds in the EU. However, global soybean prices could be pressured by slower economic growth in China and the EU, increased domestic oilseed production, and expanded soybean acreage in South America. Despite this, global oilseed consumption and trade are expected to grow, with soybean processing and consumption accounting for most of the growth. Global vegetable oil production could also rise by 3%, with China, India, Pakistan, and Bangladesh contributing most to the growth in world vegetable oil stocks. Argentina's soybean production is expected to increase, accounting for over half of the production increase, with Brazil, Uruguay, and Paraguay contributing significantly as well.

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Original content

Output volume may exceed 670 million tons Global oilseed production in the 2023/24 season will grow by 7%, according to oilworld.ru, citing the USDA forecast. This will mainly be due to the growth of soybean production in South America, as well as sunflower seeds in the European Union, Russia and Ukraine. Global rapeseed production was almost flat as growth in the EU, Canada and China was offset by declines in Australia, USDA said in a report. Oilseed production is projected at a record 672.0 Mt, soybeans are projected to grow by 11%, to almost 411.0 Mt. According to experts, global oilseed consumption in the 2023/24 season could grow by 4% due to recovery soybean processing in Argentina and increased demand for imports from China. Soybean processing and consumption is projected to account for most of the growth in global oilseed use. Rapeseed processing is forecast to grow by more than 1%, while sunflower processing is expected to be almost unchanged. Global oilseed trade is ...

Source: Specagro