USDA cuts oilseed production again in 2020/21 - even fewer soy and sunflowers In its Nov. 20 estimate, the US Department of Agriculture (USDA) put the global oilseed harvest in 2020/21 down by 8 million t to 597 million t. The final stock drops from 110 to 98.6 million t. In mathematical terms, the supplies last for 70 days, compared to 85 days in the previous year. The key month-on-month decrease is due to the weaker harvests in the soy sector. The USDA expects a worldwide decrease from 368 to 362 mln t . The declining quantities are mainly due to the current US harvest of only 113.5 million t (previous month 116.2 million t). In contrast, a record result is expected in South America, even if the La Nina weather phenomenon threatens drought. Even now, sowing is being delayed due to a lack of rainfall; the emergence of seeds suffers from drought.When it comes to soy exports , Brazil is in first place with an expected volume of 85 million t. More than half of the coming harvest is said to have already been sold in advance. The USA intends to increase its exports by 13 million tons to 60 million tons in 2020/21. Despite the trade disputes, increasing US shipments to China are expected. US inventories have fallen significantly from 24.7 million t in 2018/19 to 5.2 million t . That is the lowest value in years. The sunflower harvests are expected to be -2 million t lower worldwide to 19.4 million t . Particularly severe burglaries were found in Russia (-10.2%) and Ukraine (-19.5%) . Weaker harvests can also be observed in other growing areas. The USDA estimates worldwide rapeseed production at approx. 69 million t , slightly less than in the weak previous year. In the EU, an unchanged small harvest will amount to 17 milliont estimated slightly above the previous year's level. In Canada , the result was also below the previous year at 19.4 million t . The rapeseed use drops by 1 million tonnes to 70.5 million tonnes, Global inventories reached only 5.2 million tonnes compared to previous years with more than 9 million tonnes. In Canada and the EU, stocks are halved. Palm oil: For 2020/21, the USDA estimates that there will be little change in the harvest compared to the previous month. At 75 million t, the result should nevertheless be higher than the previous year at 72.8 million t. The weather phenomenon La Nina slows the prospects. Indonesia and Malaysia are expected to just exceed their previous results. Thailand also only contributes to a small extent to the increase in supply quantities. An adjusted low increase in consumption, however, leads to the ending stocks falling to a moderate extent. Level remain.On the Chicago stock exchange , the prices in the soy complex rose again despite the high level already reached. This also applies to palm oil courses . Canola prices in Canada are being dragged up by the rising soy prices. The prices for rapeseed on the Paris stock exchange jumped briefly to € 410 / t . The increased crude oil prices are having an effect in the background.
