USDA estimates higher oilseed production in 2022/23 and higher consumption In its March 23 oilseed estimate, the US Department of Agriculture (USDA) estimated the global soybean harvest 2022/23 to be around 8 million t lower than in the previous month. Compared to the previous year, however, the result is 17 million t or 4.7% higher. At 374 million tons, consumption is only slightly below the production result. The end stocks are calculated at 100 million t and are sufficient for 97 days, compared to 86 days in the previous year. Fall 2022 US harvest revised down to 116.4 million t. In the previous year, the result was 121.5 million t. US bean exports are expected to fall by -4 million t. US soybean meal exports remain largely unchanged. With 33 million t, Argentina is nowhere near the average of 50 million t achieved in previous years due to the persistent drought. Soybean meal exports have fallen from the previous 28 to almost 25 million tons. Soybean oil exports fall from a previous 6 to 4.75 million tons.Additional volumes are primarily due to the record Brazilian soybean harvest , which is expected to increase from 129.5 million t in the previous year to 153 million t this year. Bean exports are expected to increase from last year's 79 to 92.7 million tons. Soybean meal deliveries abroad increase from 20 to 21 million tons China's soybean harvest is estimated at an increasing 20 million tons (average of previous years around 18 million tons). In addition, there are 96 million t of imports to cover domestic demand. For the EU-27, self-production of 2.5 million tons of soybeans is expected. The USDA estimates EU imports at 13.9 million tonnes of beans and 16.4 million tonnes of soybean meal. The USDA again estimates global rapeseed production at around 86.3 million t , which is 12 million t (!) more than in 2021. After the catastrophic previous year (13.7 million t), Canada is expecting a harvest in 2022 of 19.5 million t and an almost doubled export of 8.4 million t. In the EU , the 2022 harvest is estimated at 19.5 million t, the import requirement is estimated at 6.5 million t.With 6.6 million t, Australia will have the second highest rapeseed harvest, around 75% of which will be exported.
