USDA analysts sharply lowered the forecast for world production of oilseeds in the 2024/25 season

Published 2024년 11월 11일

Tridge summary

USDA analysts have lowered the global production forecast for oilseeds in 2024/25 by 5.1 million tons to 682.2 million tons, primarily due to a decrease in soybean production in the USA. The reduced production is offset by increased forecasts for Brazil and Argentina. The global consumption forecast has also been lowered, but world exports are expected to increase, primarily for Canada and Brazil. The ending stocks forecast has also been reduced, particularly for the USA, Brazil, and Argentina. The production forecasts for rapeseed, sunflower, peanuts, and sunflowers have also been adjusted downwards.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

USDA analysts reduced the forecast of the world production of oilseeds in 2024/25 FY immediately by 5.1 million tons to 682.2 million tons (657.85 million tons in 2023/24 FY), in particular soybeans - by 3.52 million tons (due to crop reduction in the USA), peanuts - by 0.94 million tons, sunflowers - by 0.25 million tons, and rapeseed - by 0.2 million tons. This was reported by GrainTrade with reference to the WASDE supply and demand report in November. It is noted that as a result of the decrease in the estimate of the yield of soybeans in the USA from 53.1 to 51.7 bushels/acre (3.47 t/ha), the production forecast was reduced by 3.28 to 121.42 million tons, while analysts predicted the yield at the level 52.8 bushels/acre, and production - 124 million tons. Compared to the October estimates, the new soybean balance for the 2024/25 FY has undergone the following changes: • Estimate of initial reserves increased by 0.05 to 112.42 million t (101 million t in FY 2023/24).• Global ...

Source: Agrobusiness