In the August report, the U.S. Department of Agriculture (USDA) raised the forecast of global oilseeds production in 2024/2025 MY by 4.5 mln tonnes to 690.5 mln tonnes due to the growth of soybean and rapeseed production, which partially offset the decline in sunflower, cotton, peanuts and palm kernel production.
Analysts increased global rapeseed production by 0.9 million tons to 88.8 million, mainly due to the expansion of rapeseed production in Russia. World sunflower production was reduced by 2.3 million tons to 52.5 million due to unfavorable weather conditions that affected yields in Ukraine, Russia, the EU, Turkey, Serbia and Moldova.
The USDA’s global soybean production in 2024/2025 is increased by 6.9 million tons to 428.7 million tons due to higher production in the US, Ukraine, Russia, India and Benin. Exports are increased by 1.0 million tons to 181.2 million due to higher exports to the US, Ukraine, Russia and Benin, partially offsetting lower shipments from Argentina. Soybean imports were increased for Egypt, the EU, Iran and Turkey. Global ending stocks of soybeans in 2024/25 MY increased by 6.5 million tons to 134.3 million, mainly due to higher stocks in China, the United States and Argentina, partially offset by lower stocks in Brazil.
