USDA lowered its forecast for world oilseed production

Published Dec 15, 2021

Tridge summary

USA USDA analysts predict that the total production of oilseeds in the US in 2021/22 plans to be slightly higher at 130.3 million tons - due to increased cotton production. Forecasts for soybeans for 2021/22 have not changed, except that soybean oil production will increase due to higher extraction. As soybean oil supplies increase, soybean oil consumption in food, feed and other industries increases, which compensates for the decline in canola and cottonseed oil consumption.

Original content

USA USDA analysts predict that the total production of oilseeds in the United States in 2021/22 plans to be slightly higher at 130.3 million tons - due to increased cotton production. Forecasts for soybeans for 2021/22 have not changed, except that soybean oil production will increase due to higher extraction. As soybean oil supplies increase, soybean oil consumption in food, feed and other industries increases, which compensates for the decline in canola and cottonseed oil consumption. The US price forecast for soybean meal has increased by $ 5.00 to $ 330.00 per short ton. World Global demand and supply forecasts for oilseeds for 2021/22 predict lower production and lower closing stocks compared to last month. World oil production is projected at 627.6 million tonnes, down 0.4 million from last month, mainly due to declining soybean production, according to China's National Bureau of Statistics. Soybean production in China will decrease by 2.6 million tons to 16.4 million tons. ...

Source: Agroconf