USDA experts have raised forecasts for world soybean and sunflower production, in particular for Ukraine

Published Nov 10, 2023

Tridge summary

The USDA has increased its forecast for global oilseed production in 2022/23 to 661.46 million tons, exceeding the previous season's production of 631.3 million tons. The biggest increases were seen in the harvest of soybeans and rapeseed in Russia, soybeans and sunflowers in Ukraine, and soybeans in the United States. Despite this, November soybean futures on the Chicago Stock Exchange fell 1.7% to $487.9/t compared to the previous month's estimates.

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

Original content

In a November report, USDA experts raised the forecast for world production of oilseeds by 2 million tons to 661.46 million tons, which will significantly exceed the 631.3 million tons of the 2022/23 season. Estimates of the harvest of soybeans and rapeseed in the Russian Federation, soybeans and sunflowers in Ukraine, and soybeans in the USA increased the most. Compared to the October estimates, the balance of soybeans for 2023/24 MR underwent the following changes: Based on the report, November soybean futures on the Chicago Stock Exchange fell 1.7% to $487.9/t yesterday (-2.9% compared to the data after the October report). At the same time, the USDA increased the forecast of the world rapeseed harvest in 2023/24 MR by 0.5 million tons, in particular for the EU - by 0.1 to 20.1 million tons and the Russian Federation - by 0.5 to ...

Source: Graintrade