USDA predicts a sharp increase in global oilseed production in 2022/23 MY

Published 2022년 5월 13일

Tridge summary

The USDA predicts a global increase in oilseed production by 8% in MY 2022/23, primarily due to higher production of soybeans in South America and the USA, and rapeseed in Canada and the EU. This is expected to compensate for the decline in sunflower production in Ukraine and Russia. Global soybean consumption is projected to increase, while sunflower consumption will decrease. Global vegetable oil production and consumption are also expected to increase, due to rising production of soybean, rapeseed, and palm oil. Global ending stocks of vegetable oils are expected to increase, driven by rising soybean production and stocks in the US and South America.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

USDA experts predict that in MY 2022/23, global oilseed production will increase by 8% compared to MY 2021/22 to 647 million tons, primarily due to an increase in soybean production in South America and the USA and rapeseed in Canada and the EU, which compensates for the decline in sunflower production in Ukraine and Russia. Thus, world soybean production will grow by 13% or 45 million tons to 395 million tons. Global oilseeds consumption will increase by 3%, primarily on the back of a recovery in soybean demand from China, while sunflower consumption will decrease by 3% and rapeseed consumption will increase by 7%. The volume of world trade will grow, primarily due to the growth in demand for soybeans. Sales of rapeseed, sunflower and peanuts will also increase, but the export of cotton seeds will decrease. Global ending stocks will increase on the back of rising soybean production and stocks in the US and South America. Increasing soybean, rapeseed and palm oil production will ...

Source: Oilworld