News

USDA lowers estimates of global oilseed production

Canada
China
Published Apr 14, 2024

Tridge summary

The US Department of Agriculture has updated its global oilseed crop forecast for the 2023-24 agricultural year, lowering the estimate slightly to 658.5 million tons, which is still an increase from the previous year by 21.3 million tons. This revision accounts for a decrease in sunflower and soybean production due to adverse weather and the ongoing military conflict in Ukraine, although an increase in rapeseed production partially offsets these losses. Despite these challenges, the global oilseed market is expected to see a rise in production, with adjustments also made to global oilseed exports and processing forecasts, highlighting the dynamic nature of the market.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Analysts from the US Department of Agriculture (USDA, publishes forecasts and data on agricultural indicators not only in the States themselves, but also in other countries - ROSNG) have reduced forecasts for the world oilseed crop harvest in the 2023-24 agricultural year to 658.5 million tons , reports OleoScope. This is 180 thousand tons less than the figure that the USDA announced in March. The losses could be due to unfavorable weather conditions in a number of producing countries and the military situation in Ukraine. But this is still 21.3 million tons more than the 2022-23 agricultural year. This progress during the year is associated with an improvement in the harvest of major oilseeds. It is expected to be 539.92 million. This, on the contrary, is 900 thousand more than the March estimate and 20.12 million more than the result for the last agricultural year. However, the forecast for individual crops was not so clear. It increased only for rapeseed - from 88.07 to 88.39 ...
Source: Rosng
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