USDA points to higher global soybean supply

In the U.S., the total oilseed production is estimated at 125.8 million tons, with a slight increase attributed to the growth in cotton production. Despite this, the projections for supply, consumption, and prices of U.S. soybeans remain unchanged from the previous bulletin, even with the final stocks projected at 7.89 million tons, within the expected range. In the global market, the total production was revised upwards, mainly driven by rapeseed, whose estimate increased by 3 million tons, reflecting better expectations in Canada, Australia, and Russia. Canada alone added 2 million tons, reaching a record 22 million according to the latest data from Statistics Canada. This advance was partially offset by the 2.5 million-ton drop in sunflower production, following lower harvest results in Russia and, especially, in Ukraine. For soybeans, the global outlook indicates an increase of 0.8 million tons, reaching 422.5 million, driven by larger crops in Russia and India. Crushing also ...