News

Global: First oilseed forecast for the 2024/2025 season

Published May 13, 2024

Tridge summary

Record high oilseed stocks are forecast for the 2024/25 marketing year, driven by a 4% increase in global oilseed production to a new high of 687 million tonnes. This growth is led by increased soybean production in South America and the United States, with global soybean production projected to rise by over 6%. Global canola and sunflower production is also expected to see a slight increase, while global copra production is projected to decline. Global oilseed consumption is projected to grow by 3%, driven by soybeans, with China, the United States, and Argentina increasing crushing volumes. Global trade in oilseeds is forecast to grow by 4%, with demand for soybeans and canola rising to offset lower sunflower imports. Global ending stocks of oilseeds are expected to rise 13% to a record high as global production outpaces demand.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Oilseed stocks are forecast to reach a record high in 2024/25. Global oilseed production in the 2024/25 marketing year is forecast at a new record level of 687 million tonnes, up 4 percent from the 2023/24 marketing year. This growth is driven by increased soybean production in South America and the United States. Global soybean production is projected to rise by more than 25 million tons (more than 6 percent) to 422 million. Global canola production was little changed as growth in Canada, Australia and China is forecast to offset declines in the European Union, Ukraine and India. Global sunflower production is projected to rise slightly as production increases in Ukraine and the European Union, and will be slightly higher than declines in Argentina and Russia. The production of other oilseeds such as cottonseed, groundnut and palm kernel is also projected to increase slightly, while copra production is projected to decline. Global oilseed consumption growth is projected to be 3% ...
Source: Oilworld
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