USDA lowers global oilseed production forecast due to drought in Argentina and Paraguay

According to the February report from the U.S. Department of Agriculture (USDA), the global oilseed production forecast for this month has been reduced by 2.7 million tons to 677.7 million tons due to lower soybean yields in Argentina and Paraguay, which are not offset by increased cotton production in China and sunflower production in Kazakhstan. Trade remained unchanged at 207.3 million tons, with increased rapeseed exports from the United States compensating for the decrease in sunflower exports from Argentina. Ending stocks of oilseeds have been reduced by 4.3 million tons to 140 million tons due to lower soybean stocks in Argentina and Brazil, as well as lower sunflower and peanut stocks in Argentina. Global processing volume has been increased by nearly 600,000 tons to 561.3 million tons due to higher soybean processing in Brazil, while soybean processing in Paraguay has been reduced. Global trade in meal has increased by 700,000 tons to 108.1 million tons due to ...