USDA: Lower global oil production forecast, higher soybean

The article revises the global oilseed production forecast for 2024/25, reducing it by 2.8 million tons to 552.7 million, primarily due to decreased rapeseed production in the EU and lower sunflower production in several Eastern European countries. Concurrently, the global soybean production forecast for the same period has been marginally increased to 429.20 tons due to higher production in Paraguay and Canada, despite a decrease in the EU and Serbia. Furthermore, the global soybean trade forecast has been raised to 181.6 million tons, driven by increased exports from Paraguay and imports to Argentina, and the global soybean ending stocks have also seen a slight increase to 134.6 million tonnes, largely due to higher stocks in Argentina and Canada.