WASDE: Oilseed Outlook
Total U.S. oilseed production for 2023/24 is forecast at 121.5 million tons, down slightly due to a reduction for cottonseed.
WASDE: Oilseed Outlook
Total U.S. oilseed production for 2023/24 is forecast at 121.5 million tons, down slightly due to a reduction for cottonseed. Soybean supply and use projections for 2023/24 are unchanged from last month. The U.S. season-average soybean price forecast is unchanged at $12.90 per bushel. The soybean meal price forecast is increased $10.00 to $390.00 per short ton. The soybean oil price is forecast at 57 cents per pound, down 4 cents.
Global oilseed production for 2023/24 is projected at 661.0 million tons, down 0.5 million from last month. Lower soybean and sunflowerseed production are partly offset by higher rapeseed production. Soybean production is lowered 1.5 million tons mainly on lower production for Brazil, reduced 2.0 million tons to 161.0 million reflecting hot and dry conditions in southern Mato Grosso and northeast Brazil. Partly offsetting is higher soybean production for Canada and Russia. Sunflowerseed production is reduced for Argentina on lower harvested area. Global rapeseed production is raised 1.4 million tons to 87.0 million on higher production for Canada and Australia guided by recent government reports.
The global 2023/24 soybean outlook includes higher beginning stocks, lower production, increased exports, and slightly lower ending stocks. Beginning stocks are raised mainly on a 2.0-million-ton increase to 160.0 million for Brazil’s 2022/23 production based on higher-than-expected use through November. Increased supplies and early exports in the 2023/24 marketing year (starting October 2023) led to a 2.0-million-ton increase to Brazil’s exports. China’s imports are also raised 2.0 million tons to 102.0 million on strong early season shipments by major exporters. Global soybean ending stocks are reduced slightly as higher stocks for China are offset by lower stocks for Brazil.