The United States Department of Agriculture (USDA) released its 2023/24 global agricultural supply and demand estimates, presenting an optimistic forecast for the global oilseed industry. The projected numbers show an increase in production, crushing and ending stocks compared to the last year of marketing. This is predominantly driven by an increase in soybean production in South America and the US, along with higher sunflower and canola production in the EU and Canada. drought recovery South American oilseed production is expected to rebound by 31.9 million tonnes after last year's devastating drought in Argentina, Brazil, Paraguay and Uruguay. This increase is expected to be a result of an increase in production area, signaling a return for these agricultural powerhouses. Questions about canola However, the global scenario for oilseeds is not entirely positive. Australia's canola production is forecast to decline due to lower yields after three consecutive years of exceptional ...
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