The US Department of Agriculture lowered its forecast for global oilseed production

Published 2024년 1월 15일

Tridge summary

The US Department of Agriculture has revised its forecast for global oilseed production in the 2023/2024 agricultural year, lowering it to 660 million tons due to decreased yields of soybeans in Brazil and sunflowers in Argentina, the EU, and Russia. Despite Brazil's reduced soybean production, Argentina's forecast was increased, and global soybean production is estimated at almost 399 million tons. The forecast for global sunflower seed production was also lowered, with Russia experiencing a decrease in harvest but an increase in exports of sunflower oil and meal.

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Original content

Moscow. January 15. INTERFAX.RU - The US Department of Agriculture has lowered its forecast for global oilseed production in the 2023/2024 agricultural year to 660 million tons from 661 million tons, according to the previous estimate in December. The adjustment is due to a significant decrease in the estimated yield of soybeans in Brazil and sunflowers in Argentina, the EU and Russia, which offsets the expected increase in soybean production in Argentina and the USA, the department's review said. Thus, the forecast for the soybean harvest in Brazil, the world's largest producer and exporter of this crop, was reduced by 4 million tons, to 157 million tons, as hot and dry weather in recent months negatively affected the harvest in key regions. At the same time, Argentina's soybean production forecast was raised by 2 million tons to 50 million tons. Given the recovery in production in Argentina after drought last season, the expected reduction in the harvest in Brazil amid high ...

Source: Interfax