USDA: Global oilseed production forecast increases

Published Dec 10, 2024

Tridge summary

Statistics Canada's report reveals changes in the production of key agricultural commodities for the 2024/25 season. Soybean production is projected to increase by 1.7 million tonnes to 427.1 million tonnes, attributed to expanded planting areas in Argentina and Bolivia, and higher yields in Canada. In contrast, rapeseed production is expected to decline by 1.1 million tonnes, largely due to lower yields in Canada. Global sunflower production remains largely stable. The soybean market is expected to see a rise in production, exports, crushing, and closing stocks, with Canada and Bolivia increasing soybean exports. The EU, Algeria, Iran, and Venezuela are expected to increase soybean meal imports. Finally, global soybean oil exports are anticipated to rise, while palm oil exports are expected to fall due to reduced shipments and lower production from Indonesia and Malaysia, leading to a decrease in global vegetable oil final stocks.

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

Original content

Soybean production forecast up, rapeseed down Soybean production rose 1.7 million tonnes to 427.1 million tonnes on increased planting area for Argentina and Bolivia and higher yields for Canada. Rapeseed production fell 1.1 million tonnes, mostly on lower yields for Canada, according to Statistics Canada’s latest report. Global sunflower production was nearly unchanged, with higher production for Ukraine and Russia mostly offset by lower yields for the European Union. Soybean outlook The global soybean outlook for 2024/25 includes higher production, exports, crushing and closing stocks. Exports rose for Canada and Bolivia on higher supplies, while imports rose for Algeria and Zimbabwe. Crushing rose 1.0 million tonnes to 41.0 million for Argentina, leading to higher exports of soybean meal and oil. Soybean meal imports rose for the EU, Algeria, Iran and Venezuela. Global soybean oil exports rose 0.6 million tonnes to 12.6 million tonnes on higher exports ...

Source: Farmer.pl