USDA review May 2023: First forecast for the 2023/24 season, Russia is the world's largest producer of sunflower seeds

Global oilseed production is expected to grow by 7% in 2023/24, reaching a record 672.0 million tons, led by increases in soybean and sunflower seed production in South America and the European Union. Despite this, global oilseed consumption is only projected to rise by 4%, with soybean processing and consumption accounting for most of the growth. Oilseed trade is forecast to increase slightly, but high domestic production and economic growth slowdown in China and the EU could lead to pressure on global soybean prices. Weak growth in soybean imports in these countries is expected to limit US soybean export growth, resulting in stockpiling. In addition, global vegetable oil production is expected to grow by 3% in 2023/24, with palm and soybean oils driving the increase. Global oilseed meal production is also expected to see a 4% growth, with soybean and rapeseed meal leading the way. Finally, sunflower seed production is projected to increase by 6% year-on-year to 54.3 million tonnes, with record harvests forecasted for the EU, Russia, and other countries, despite the ongoing conflict in Ukraine.