The United States Department of Agriculture (USDA) has lowered its oilseed production forecast for 2022/23 by 6M tonnes.

The revised forecast was mainly due to a lower soyabean outlook in Argentina and Ukraine and reduced Russian sunflowerseeds, according to the USDA’s Foreign Agricultural Service (FAS)’s Oilseeds: World Markets and Trade February report.

Trade was revised upwards with lower exports of soyabeans outweighed by higher rapeseed exports from Canada and Australia, the report said.

Total meal production was lowered due to reduced soyabean crushing leading to lower soyabean meal trading, largely due to the reduced crop in Argentina, the USDA said.

Forecasts for global meal stocks were lowered due to soyabean meal, while total oil production was largely unchanged with trade rising as a result of increased sunflowerseed oil exports.