USDA has raised its forecast for global oilseed production, including rapeseed in Australia and sunflower in Ukraine and the Russian Federation, which will increase pressure on prices

In the March supply and demand report, USDA experts increased the forecast for world oilseed production in 2024/25 MY by 1.67 million tons to 679.37 million tons (657.1 million tons in 2023/24 MY), in particular sunflower - by 0.9 million tons, rapeseed - by 0.39 million tons, cotton - by 0.2 million tons, while the forecast for soybean production remained unchanged. Due to the increase in the estimate of oilseed processing in 2024/25 MY by 1.8 million tons, the forecast for world ending stocks was reduced by 0.9 million tons to 139.14 million tons, which would exceed the previous season's figure by 6.2 million tons. Compared to the February estimates, the world soybean balance for the 2024/25 MY has undergone the following changes: According to the report, March soybean futures in Chicago fell by 0.2% to $366.6/t (-4.5% compared to the data after the February report was released), and May futures fell to $371.6/t. Rains in South America have improved the condition of crops, so ...