World production of oilseeds in 2023/24 MY will increase by 4%

Global oilseed production is expected to continue rising in MY 2023/24 to reach a new record high, largely reflecting higher forecasts for soybeans and sunflowers, more than offsetting expected declines in rapeseed production. Expected soybean production growth primarily depends on expectations of a significant recovery in production in Argentina and further expansion in Brazil, subject to normal weather conditions in both countries. On the other hand, soybean production in the United States is likely to decline for the second consecutive season due to reduced planting area. Meanwhile, global sunflower seed production is forecast to increase markedly compared to the previous season, mainly due to favorable growing conditions in the Black Sea region and Europe. In contrast, global rapeseed production is expected to decline from its record high in 2022/23 due to expected harvest shortfalls in Australia and Canada amid adverse weather conditions. For palm oil, production in both ...