Global 2019/20 oilseed production is forecast at 574.6 million tons

18.12.2019 09:00 "Agro Perspectiva" (Kyiv) — According to the report of the USDA Oilseeds: World Markets and Trade (December 2019), global 2019/20 oilseed production is forecast at 574.6 million tons, up 3.3 million tons from

November due to higher sunflowerseed, peanut, and soybean production offsetting lower

rapeseed and cottonseed production. Sunflowerseed production rises 2.3 million tons on larger

crops in Russia and Ukraine. Soybean production is up nearly 1.0 million tons reflecting

higher area and yield reported by China’s National Bureau of Statistics. In response, oilseed

crush is raised nearly 2.0 million tons to 496.5 million. Oilseed ending stocks also grew 1.6

million tons mainly on higher soybean stocks in Brazil offsetting declines in Bolivia and

Vietnam.

Protein meal production is up 0.8 million tons from last month to 338.6 million primarily on

higher sunflowerseed meal production in Russia and Ukraine. Protein meal imports are up

nearly 1.0 million tons as Vietnam shifts imports from soybeans to soybean meal. Exports are

boosted on larger soybean meal shipments expected from Argentina and Brazil. Protein meal

ending stocks are up 0.7 million tons on larger sunflowerseed meal stocks in Russia and

Ukraine and soybean meal stocks in Brazil and the European Union. Vegetable oil production

is up 0.6 million tons as higher sunflowerseed and peanut oil production partially offset small

declines in rapeseed and palm oil. Oil stocks are up slightly from November at 19.2 million

tons but still the lowest in 5 years. The projected U.S. season-average farm price for soybeans

is down $0.15 to $8.85 per bushel.

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