The US Department of Agriculture lowered the forecast for world oilseed production in the current agricultural year

The US Department of Agriculture has lowered its forecast for global oilseed production in the current agricultural year by 1.2 million tons, to 644.4 million tons. It is expected that the deterioration in estimates for the collection of sunflower seeds, rapeseed, cotton and palm kernels will only be partially offset by an increase in soybean production, the agency said in a report. Thus, the forecast for global production of products from sunflower seeds was reduced based on the results of harvesting this crop in the Russian Federation and Ukraine. Canadian canola production was downgraded by 0.5 million tons to 19 million tons. The US Department of Agriculture also lowered its estimate of palm oil production in Indonesia by 1 million tons to 45.5 million tons. At the same time, the global soybean harvest forecast was raised (by 0.6 million tons to 391.2 million tons) due to improved estimates for the harvest in India and Ukraine. ...