USDA raised its forecast for global soybean production, but lowered its forecast for rapeseed crop in MY 2024/25

Published 2024년 12월 11일

Tridge summary

The USDA's December supply and demand report raises the global oilseeds production forecast for MY 2024/25 by 1.16 million tonnes to 683.38 million tonnes, with increases in soybean and cotton production offsetting a decrease in rapeseed production. The forecast also sees a reduction in world rapeseed production for 2024/25, particularly for Canada, while global sunseed production and consumption forecasts have also been adjusted. The report highlights that the oilseed markets' future will be influenced by data on canola harvest in Australia and forecasts of South American soybean crops.

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

Original content

In the December supply and demand report, USDA experts raised the forecast of global oilseeds production in MY 2024/25 by 1.16 mln tonnes to 683.38 mln tonnes (657.49 mln tonnes in 2023/24 MY), including soybean by 1.74 mln tonnes and cotton by 0.5 mln tonnes, which offset the decrease of rapeseed production by 1.06 mln tonnes. Compared to the November estimates, the new soybean balance for MY 2024/25 has undergone the following changes: According to the report, the January futures for soybeans in Chicago increased by 0.5% to 365,5 $/t (-2.2% compared to the data after the release of the November report). The forecast for world rapeseed production in 2024/25 MY was reduced by 1.06 to 86.18 (89.9) million tons, in particular for Canada – by 1.2 to 18.8 (18.85) million tons, while the Canadian Bureau of Statistics reduced the crop estimate from 18.98 to 17.8 million tons. The export forecast was increased for Ukraine by 0.15 million tons to 3.37 million tons and decreased for Canada ...

Source: UkrAgroConsult