USDA ups 2024-25 oilseed output view by 290,000 tn to 686.10 mln tn
This story was originally published at 13:26 IST on 15 July 2024
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NEW DELHI – The US Department of Agriculture has raised its monthly estimate for global oilseed output for 2024-25 (May-Apr) to 686.10 mln tn from 685.81 mln tn forecast in June. Production of oilseeds in the US in 2024-25 is seen at 131.46 mln tn, a tad up from 131.16 mln tn, the department said in its monthly report. Global ending stocks of oilseed in 2024-25 are pegged at 144.28 mln tn, up from 143.88 mln tn projected last month as higher stocks in China mostly offset reductions in Argentina, Brazil, and Paraguay, according to the report.
The department has projected global soybean output at 421.85 mln tn, down from 422.26 mln tn last month. The department has lowered the outlook for US soybean production to 120.70 mln tn from 121.11 mln tn in June due to reduced harvested area, it added.
Soybean production forecasts for Argentina, China, Paraguay, and Brazil remain unchanged from last month. Production in Argentina and China was steady at 51.00 mln tn and 20.70 mln tn, respectively, according to the report. Paraguay's production of soybeans in 2024-25 was also stable from June at 10.70 mln tn. Brazil is the world's largest producer of soybeans, followed by the US and Argentina.
Global soybean exports for 2024-25 are seen steady at 180.20 mln tn, unchanged from the previous month. Global ending stocks of soybean in 2024-25 are pegged at 127.76 mln tn, a tad down from 127.90 mln tn due to lower stocks in Brazil.
The season-average US soybean price in 2024-25 is forecast at $11.20 per bushel, unchanged from last month. Similarly, soybean meal and oil prices are also expected to be unchanged, at $330 per short tn and 42 cents per pound, respectively, the agency said in its report.
The US government agency sees global soybean meal output in 2024-25 at 271.16 mln tn, a tad down from 271.24 mln tn last month. Soybean meal is a derivative of soybean, manufactured by crushing oilseeds, and is mainly used in producing poultry feed. End
Reported by Afra Abubacker
Edited by Vidhi Verma
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