Oilseed Output
USDA ups 2024-25 oilseed output view by 4.5 mln tn to 690.5 mln tn
This story was originally published at 14:10 IST on 13 August 2024
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MUMBAI – The US Department of Agriculture has raised its monthly estimate for global oilseed output for 2024-25 (May-Apr) by 4.5 mln tn to 690.5 mln tn from 686.1 mln tn forecast in July. The increase can be attributed to higher soybean and rapeseed output which was only partly offset by lower sunflower seed, cottonseed, peanuts, and palm kernel.
Production of oilseeds in the US in 2024-25 is seen at 135.0 mln tn, up from 125.8 mln tn, the department said in its monthly report. Global ending stocks of oilseed in 2024-25 are pegged at 150.6 mln tn, up from 144.3 mln tn projected last month, according to the report.
The department has projected global soybean output was up from the previous month by 6.9 mln tn to 428.7 mln tn, the report said. The department has attributed higher production to an increase in output in the US, Ukraine, Russia, India, and Benin.
Soybean production forecasts for Argentina, China, Paraguay, and Brazil remain unchanged from last month. Production in Argentina and China was steady at 51.0 mln tn and 20.7 mln tn, respectively, according to the report. Paraguay's production of soybeans in 2024-25 was also stable from July 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 rose to 181.2 mln tn from 180.2 mln tn, the previous month. Global ending stocks of soybean in 2024-25 are pegged at 134.3 mln tn, up from 127.8 mln tn, mainly due to higher stocks for China, US, and Argentina. The ending stocks in Brazil, however, were lower at 33.8 mln tn against 35.8 mln tn in July, according to the report.
The season-average US soybean price in 2024-25 is forecast at $10.80 per bushel, down from $11.20 per bushel last month. Similarly, soybean meal price is forecast at $320 per short tn, down $10, while prices of soybean were forecast unchanged at 42 cents per pound, the agency said in its report.
The US government agency sees global soybean meal output in 2024-25 at 271.87 mln tn, a tad up from 271.16 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 Taniva Singha Roy
Edited by Aditya Sakorkar
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