USDA forecasts a sharp increase in world oil production in 2022/23 MY

USDA experts predict that in 2022/23 MY, world oil production will increase by 8% compared to 2021/22 MY to 647 million tons, primarily due to increased production of soybeans in South America and the United States, and rapeseed in Canada and the EU, which compensates for the reduction in sunflower production in Ukraine and Russia. Thus, world soybean production will grow by 13% or 45 million tons to 395 million tons. World consumption of oilseeds will increase by 3%, primarily against the background of the resumption of demand for soybeans from China, while sunflower consumption will decrease by 3% and rapeseed consumption will increase by 7%. World trade will grow, primarily due to growing demand for soybeans. Sales of rapeseed, sunflower and peanuts will also increase, but exports of cotton seeds will decrease. The world's final stocks will increase amid rising soybean production and stocks in the United States and South America. Increased production of soybean, rapeseed and ...