USDA: Higher global production of oilseeds in the 2023/2024 season

Production forecast Global production increases by 43.8 million tonnes to 671.2 million tonnes, driven mainly by higher soybean production in South America and the US, higher EU sunflower seed production and higher EU and Canadian canola production. This is partly offset by lower rapeseed production for Australia with lower yields after 3 years of exceptional weather. Total production for major South American producers (Brazil, Argentina, Paraguay and Uruguay) is up 31.9 million tons after last year's drought in southern South America and higher projected area. Oilseed trade Soybean products, unlike last marketing year, account for most of the increase in trade in oilseed meal and vegetable oil. Lower shipments from Argentina reduced exports of soybean products and were replaced by palm oil, sunflower seeds and rapeseed products. Growth in global oilseed trade is slower than in the previous decade, increasing by less than 1 percent in 2023/24 as higher soybean exports are mostly ...