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

Published May 15, 2023

Original content

Oilseed production will grow faster than consumption, stocks at a record high. Global oilseed production is projected to grow by 7 percent in 2023/24, driven primarily by growth in soybean production in South America, as well as sunflower seed production in the European Union, Ukraine and Russia. Global rapeseed production was almost flat as growth in the EU, Canada and China was offset by a decline in Australia. Oilseed production is projected at a record 672.0 million tons, with soybeans projected to rise 11 percent (40.0 million tons) to nearly 411.0 million tons. Global oilseed consumption is projected to rise by 4 percent in 2023/24, driven by a recovery in soybean processing in Argentina and stronger demand for imports from China. Soybean processing and consumption is projected to account for most of the growth in global oilseed use. Rapeseed processing is expected to grow by more than 1 percent, while sunflower processing is expected to be almost unchanged, ...
Source: Oilworld
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