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Informist, Wednesday, Mar. 12, 2025

MUMBAI – The US Department of Agriculture has raised its estimate for global oil oilseed output in 2024-25 to 679.37 million tonnes from 677.70 million tonnes projected a month ago, it said in its World Agricultural Supply and Demand Estimates report for March. The increased projection is because of higher production in Ukraine, Mexico, and Australia.

Output of oilseed in other countries, excluding the US, is projected at 550.89 million tonnes, up from 549.22 million tonnes estimated last month. This is mainly due to higher sunflower seed production for Russia and Ukraine, and higher rapeseed production for Australia and Ukraine. The production estimate for the US is unchanged at 128.48 million tonnes.

The global soybean production estimate was at 420.76 million tonnes, unchanged from last month's forecast. The soybean production forecast for Argentina was unchanged from the last month at 49 million tonnes. Similarly, estimates for Brazil and Paraguay remained unchanged from last month at 169 million tonnes, and 10.7 million tonnes, respectively. Argentina, Brazil, and Paraguay are the major exporters of soybean.

The US Department of Agriculture has slightly lowered the forecast for soybean exports, with a rise in crushing and a fall in ending stocks. Global soybean exports in 2024-25 is pegged at 181.95 million tonnes, nearly unchanged from 181.98 million tonnes estimated in February. Global soybean exports are nearly unchanged as higher shipments for Canada are offset by lower exports for South Africa, the report said.

Global soybean crushing is now pegged 2.95 million tonnes higher at 352.84 million tonnes, mainly because of higher crush for China, Argentina, Thailand, Ukraine, and Pakistan. Global ending stocks estimates have been brought down by 2.93 million tonnes to 121.41 million tonnes, on lower stocks for Argentina and China, the department said.

Meanwhile, soybean meal output in 2024-25 is estimated higher at 276.90 million tonnes from 274.58 million tonnes in February. Soybean meal is a by-product of the extraction of soybean oil. 

India's production of soybean meal in 2024-25 has been projected at 8.80 million tonnes, unchanged from last month's forecast. Production in 2023-24 has been estimated at 9.04 million tonnes. India is one of the largest importers of soyoil and an exporter of soybean meal. 

"US 2024-25 soybean supply and use projections are unchanged this month. The season-average soybean price is projected at $9.95 per bushel, down 15 cents from last month. Soybean meal and oil prices are unchanged at $310 per short tonne and 43 cents per pound, respectively," the department said.  End

US$1 = INR 87.20

Reported by Ashutosh Pati

Edited by Akul Nishant Akhoury

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