Oilseed harvest in the world will reach a record 670 million tons
Canola Seed & Rapeseed
Bangladesh
Egypt
Published May 16, 2023
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 ...
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