The US Department of Agriculture (USDA) has lowered its 2024/25 oilseeds production forecast by more than 1M tonnes to 686M tonnes due to a reduced rapeseed outlook in Australia.
In its June Oilseeds: World Markets and Trade report, the USDA’s Foreign Agricultural Service (FAS) also reduced its 2024/25 estimate for global oilseeds trade due to lower Australian rapeseed exports.
Oilseed ending stocks were forecast down by almost 1M tonnes due to reduced stocks of Brazilian soyabeans and global rapeseed.
The FAS also lowered its estimate for global crushing due to reduced rapeseed consumption.
Despite an increase in Ukrainian rapeseed, the global oilseeds production forecast for 2023/24 was lowered due to a reduction in Brazilian soyabeans and Indian peanuts.
“Global oilseeds trade is up slightly on higher Ukraine rapeseed exports exceeding lower Canada rapeseed exports,” the report said.
World ending stocks were down almost 600,000 tonnes due to a decline in Brazil soyabean stocks, while oilseed crushing was reduced due to lower Indian peanut crushing.
Global vegetable oil trade estimates were also lowered down slightly due to reduced European Union (EU) and United Arab Emirates (UAE) rapeseed oil exports.
