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Informist, Monday, Oct. 14, 2024

 

MUMBAI – The US Department of Agriculture has slightly lowered its global oilseed output estimate for 2024-25 (May-Apr) to 687.32 million tonnes from its projection of 687.42 million tonnes last month. The drop can be attributed to expectations of lower soybean, cottonseed and sunflower seed production in the US and lower rapeseed production in the European Union, Moldova, and Ukraine. Global ending stocks of oilseed in 2024-25 are pegged at 150.85 million tonnes, down from 151.14 million tonnes projected last month, the department said in its monthly report. 

 

Production of oilseeds in the US in 2024-25 is estimated at 134.4 million tonnes, down 310,000 tonnes from last month's estimate as lower soybean, cotton, peanut, and sunflower production could be partly offset by higher canola production, the report said.

 

Meanwhile, the department cut its global soybean output estimate by 280,000 tonnes to 428.92 million tonnes. Soybean production forecasts for Argentina, China, Brazil, and Paraguay remain unchanged from last month. Production in Brazil and Argentina is also seen steady at 169 million tonnes and 51 million tonnes, respectively, and output in China and Paraguay is also seen unchanged at 20.7 million tonnes and 11.2 million tonnes respectively. 

 

Global soybean exports for 2024-25 are expected to fall by 100,000 tonnes to 181.5 million tonnes, the report said. Global ending stocks of soybean in 2024-25 are pegged at 134.6 million tonnes, up 100,000 tonnes from the last estimate. The forecast for season-average US soybean price in 2024-25 is unchanged at $10.80 per bushel. Similarly, the estimates for soybean meal and soyoil prices are also unchanged at $320 per short tonne and 42 cents per pound, respectively, the agency said in its report.

 

The agency sees global soybean meal output in 2024-25 at 271.65 million tonnes, down from the estimate of 271.95 million tonnes last month. Soybean meal is a derivative of soybean, manufactured by crushing oilseeds and is mainly used in producing poultry feed. Meanwhile, India's production of soybean meal has been projected at 880,000 tonnes in 2024-25, unchanged from the estimate last month. Production in 2023-24 has been estimated at 904,000 tonnes. India is one of the largest importers of soyoil and an exporter of soybean meal.  End

 

US$1 = INR 84.07

 

Reported by Ashutosh Pati

Edited by Avishek Dutta

 

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