In November 2024, the USDA released a revised report on world supply and demand for oilseeds, lowering the production forecast for the 2024/25 season. to 682.2 million tons, down 5.1 million tons from earlier estimates. The decrease mainly refers to soybeans, whose production was reduced by 3.52 million tons due to lower yields in the US. Other oilseeds also recorded a decline: peanut production decreased by 0.94 million tons, sunflower by 0.25 million tons, while rapeseed decreased by 0.2 million tons.
According to the USDA, soybean yields in the US decreased from 53.1 to 51.7 bushels per acre (3.47 t/ha). This led to a decrease in total production to 121.42 million tons. It should be noted that analysts expected a different yield, as much as 52.8 bushels per acre. In October, global initial soybean stocks were forecast at 112.42 million tons, while for the 2023/24 season. were 101 million tons. Total soybean production globally was reduced to 425.4 million tons, a decrease of 3.52 million tons, with the production in the USA reduced to 121.42 million tons, while forecasts for Brazil remained at 169 million tons, and for Argentina at 51 million tons, significantly more than the previous season.
What else does the USDA claim about canola, sunflower and other crops?
World consumption of soybeans decreased by 0.44 million tons, the USDA claims. Now that consumption amounts to 402.28 million tons. Estimates of global soybean exports rose by 0.18 million tonnes to 181.71 million tonnes, with growth in exports from Canada and Brazil offsetting declines in exports from the US. Final world stocks of soybeans were reduced by 2.9 million tons, to 131.7 million tons, which mainly refers to the USA, Brazil and Argentina.
Following the release of the report, the price of soybean futures on the Chicago Stock Exchange rose. Namely, it ended with a marginal growth of 0.1% to 373.6 USD/t due to the rains in Brazil and the expected decrease in Chinese imports.
Rapeseed production globally decreased by 0.2 million tons, to 87.24 million tons. At the same time, the final stock remained at 8.05 million tons. On the MATIF market in Paris, the price of the oilseed rape futures contract for February increased. Specifically, it increased by 0.7%, reaching 536.5 EUR/t, while the price of canola on the Canadian futures market increased by 0.8%.
Sunflower production decreased by 0.25 million tons, with a decrease in the EU to 9.43 million tons and in Turkey to 1.375 million tons. Estimates for Russia, Ukraine and Argentina remained the same. Global sunflower consumption decreased by 0.1 million tons, and ending stocks by 0.06 million tons.
For the 2024/25 season. sunflower production in the Balkans and Black Sea region is predicted to drop to 33 million tons. this represents a decrease of 5.86 million tons compared to the previous season. By country, Turkey should produce 1.3 million tons. At the same time, Bulgaria should produce 1.45 million tons, and Romania 1.8 million tons. They are followed by Ukraine with 12.5 million tons and Russia with 16 million tons.
Source: Agropress
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Source: boljazemlja.com
