Global oilseed production to rise by 7% in 2023/24

Updated May 16, 2023
Output volume may exceed 670 million tons Global oilseed production in the 2023/24 season will grow by 7%, according to, citing the USDA forecast. This will mainly be due to the growth of soybean production in South America, as well as sunflower seeds in the European Union, Russia and Ukraine. Global rapeseed production was almost flat as growth in the EU, Canada and China was offset by declines in Australia, USDA said in a report. Oilseed production is projected at a record 672.0 Mt, soybeans are projected to grow by 11%, to almost 411.0 Mt. According to experts, global oilseed consumption in the 2023/24 season could grow by 4% due to recovery soybean processing in Argentina and increased demand for imports from China. Soybean processing and consumption is projected to account for most of the growth in global oilseed use. Rapeseed processing is forecast to grow by more than 1%, while sunflower processing is expected to be almost unchanged. Global oilseed trade is ...
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