USDA cuts oilseed production in 2020/21 compared to previous month - less soy and sunflowers In its October estimate, the US Department of Agriculture (USDA) forecast the global oilseed harvest in 2020/21 to be 0.5% lower. The final inventory drops from 107 to 101 million t. In mathematical terms, the supplies last for 71 days, compared to 85 days in the previous year. The decisive decrease is due to the weaker harvests in the soy sector. The USDA expects a worldwide decrease from 370 to 368 mln t. The declining volumes are mainly due to the current US harvest of just 116. mln t . In contrast, a record result is expected in South America, even if the La Nina weather phenomenon threatens drought. Sowing is already being delayed due to a lack of rainfall. 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 t to 60 million t in 2020/21. Despite the trade disputes, increasing US shipments to China are expected. Current exports at a high level are significantly depleting US inventories. The sunflower harvests are expected to be -6.4% lower worldwide. Particularly severe break-ins are noted in Russia (-7.5%) and Ukraine (-9%) . Weaker harvests can also be observed in other growing areas. The USDA estimates global rapeseed production at just under 69 mln t , which is 1 mln t less than in the weak previous year. In the EU, an unchanged small harvest at the previous year's level is estimated. In Canada , the result of 19.4 million t remained far below expectations. The rapeseed use drops by 1 million tonnes, the worldwide inventories reached just under 5.2 milliont compared to previous years with over 9 million t. In Canada and the EU, stocks are halved. Palm oil: For 2020/21, the USDA assumes that the crop losses in previous years will be made up again, but the La Nina weather phenomenon is slowing 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. However, stagnating consumption means that the end stocks remain at a high level. On the Chicago stock exchange , the prices in the soy complex have risen sharply . The palm oil prices are asserting themselves again at a higher level after their price low. The rapeseed prices in Canada have risen after a period of weakness, the line of € 390 / t is clearly exceeded on the Paris stock exchange.
