USDA: Lower forecast for global oilseed production

Published Dec 10, 2022

Tridge summary

Lower sunflower, rapeseed, palm seed and cottonseed production forecasts are partly offset by higher soybean production. The sunflower seed production forecast was downgraded in Russia and Ukraine based on harvest results. Canola production in Canada was lowered by 0.5 million tonnes to 19.0 million tonnes, based on government reports. Indonesian palm oil production in the 2022/2023 season was reduced by 1.0 million tonnes to 45.5 million tonnes. The global soybean outlook includes higher production (391.17 million tons), exports and closing stocks than last month. Production is increasing thanks to higher production for India and Ukraine. Exports increase slightly as higher shipments from Argentina are partly offset by lower exports to Canada and Paraguay. With global consumption relatively unchanged, ending stocks increased by 0.5 million tonnes to 102.7 million tonnes.

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