USDA: Oilseeds harvest significantly reduced in 2019 - Soybean prices stable again - Oilseed rape on the rise The Aug. issue of the US Department of Agriculture estimates that global oilseed production is -3.4% lower than in the previous year. A significant proportion of this is due to the 5.8% lower soybean harvest. Rapeseed and peanut harvests are also rated -3% lower. Soybean , with an estimated production of 342 million tonnes, is the dominant contributor to oil seed supply worldwide. For 2019, however , the USDA estimates the result to be just under -6% or -21 million t lower compared to the previous year. The decisive factor is the US harvest with an expected 100 million tonnes compared to the previous year with 123.7 million tonnes . The cause is the reduced acreage and yield expectations due to the adverse weather conditions in the US regions. By contrast, Brazil with harvests 2019/20 will provide more than 123 million tonnes for a future comprehensive offer.However, Argentina is below average at only 53 million tonnes . The three American countries USA, Brazil and Argentina account for 80% of global soybean production. The global supply of soya remains at a high level despite the US crop decline . The decline in production is partly offset by China's decline in consumption . The decimated Chinese pig stock due to ASP requires less soya imports, falling from the previous 100 million tonnes to 85 million tonnes. Although the final stocks in the soybean sector fall by 13 million tonnes compared to the previous year, they still reach a supply figure in the lower middle range with a final consumption of 27.5% . This year's global rapeseed harvest will amount to approx. 70.5 million t compared to the two previous years with 73 and 75 million t respectively. The main causes are the significantly reduced results in the EU with only 18 million tonnes and Canada with 20 million tonnes.Both countries were well above the 20 million t mark in earlier years. With only slightly lower consumption, final stocks fall by -0.5 million tonnes to 8.7 million tonnes. According to the USDA, palm oil production is expected to increase by 2.5% to 205.5 million t. While Indonesia still has growth rates, only insignificant changes are expected for Malaysia . On the use side , an increase of 5 million t is expected, which is slightly lower than the growth rates of earlier years. The final stocks remain at a high level. The prices for oilseeds are increasing worldwide. The two market leaders soybean and palm oil prices have risen again sharply after the months of decline. The palm oil courses have in the month of August by approx. 5% increase , the soya prices by 4.5%. After a period of weakness, the rape courses on the Paris Stock Exchange have again stabilized above the € 370 / t mark.The latest developments should provide further impetus.
