USDA lowers forecast for global oilseed harvest

The US Department of Agriculture (hereinafter also USDA and USDA) slightly reduced the estimate of world oilseed production in the 2023-2024 agricultural year (changes in different countries in different months of the calendar year, for example, in Russia for these crops every September - ROSNG) - from 661 up to 660 million tons. Interfax reports this with reference to data from the department’s latest review. The forecast was adjusted downward due to a decrease in estimates for the soybean harvest in Brazil, as well as sunflower in Russia and the European Union. However, the decline in the overall estimate was minor as it was offset by expectations for increased soybean production in the US and Argentina. For Brazil, the USDA expects a soybean harvest of 157 million tons, or four million less than previously reported. The reason is the negative impact of drought over the past few months on crops in the main production regions of the country. Large carryover stocks will also play ...