Oilseed harvest in the world will reach a record 670 million tons

Published 2023년 5월 15일

Tridge summary

The USDA predicts a 7% increase in global oilseed production in the 2023/24 agricultural season, reaching a record 671.2 million tons due to increased sunflower crops in Russia, EU, and Ukraine, as well as South American soybeans. Despite global oilseed consumption expected to increase by 4% to about 650 million tons, production volumes will exceed consumption. Sunflower production is expected to increase globally, with Russia remaining the largest producer. Soybean production is also projected to reach a record 410.6 million tons, with China remaining the world's largest soybean importer. Soybean meal and oil consumption are also expected to rise, with China driving soybean meal consumption and food and industrial demand in China and the US and Brazil driving soybean oil consumption.

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

Original content

Global oilseed production in the 2023/24 agricultural season will grow by 7% and reach a record 671.2 million tons, the US Department of Agriculture (USDA) predicts. This will happen due to an increase in sunflower crops in Russia, the European Union and Ukraine, as well as soybeans in South America. This season, the global harvest is estimated at 627.4 million tons. The consumption of oilseeds in the world this season will increase by 4% and reach about 650 million tons, that is, it will be lower than production volumes. The growth in consumption will be supported by the recovery of soybean production in Argentina and the growing demand for oilseeds from China. According to USDA forecasts, in general, an increase in soybean processing will be the main driver of growth in global oilseed consumption. Consumption of rapeseed, according to the US Department of Agriculture, will increase by 1%, and sunflower will remain at the level of the current season. World trade in oilseeds will ...

Source: AgroInvestor