Oilseeds: USDA corrects oilseed harvest 2020 - soy in the USA cut back The most recent September 2020 estimate by the US Department of Agriculture (USDA) showed a global oilseed harvest of 609 million t or approx. 5.7% higher than in the previous year, but slightly lower than in the previous month. The high proportion of soy largely determines the development . The global rapeseed harvest was revised down slightly. The remaining oilseeds were changed only slightly. According to the USDA report, the processing of oil seeds is expected to increase by 10 million t to 515 million t. This leaves a high excess stock of a little less than 107 million t. Mathematically the "supply" for 75 days compared to 80 days in the previous year. This means that the supply situation can still be classified at a good average level. The global soybean harvest reaches around 370 million tons. 60% of the world's oilseeds.The strong increase over the previous year stems from a Brazilian record harvest of 133 million t and a US harvest of 117 million t, which was reduced compared to the previous month. Argentina only achieved a below-average 53.5 million t. The global trade in soybeans is determined by China with an unchanged import share of more than 60%. The USDA estimates the Chinese import volume unchanged at 99 million . t during this marketing year. On the export side , Brazil leads the way with 85 million tons and has left the USA behind with 58 million tons. Both countries together account for more than 85% of world soy trade. The USDA estimates that soybean processing will increase by 13 million t to 321 million t. This means that the stocks remain at a high level of 93.5 million t and ensure above-average security of supply . The worldwide rapeseed harvest is approx. 68.5 milliont well below the level of previous years. Canada, the world's largest growing region, is 19.5 million t below the previous year's results. The EU falls even lower to 16.8 million t compared to earlier harvest quantities of over 20 million t. Global rapeseed consumption is estimated to be slightly lower at just under 70 million t. The closing stocks have almost halved compared to 2018/19. The supply situation drops from 47 to 23 days of supply. That is well below the multi-year average. Palm oil as the second market leader in the oilseed business is still estimated at 75 million tonnes of production. The two growing areas in Indonesia with a slightly increased 43.5 million t and in Malaysia with 19.7 million t, both unchanged from the previous month, are decisive. Palm oil consumption is estimated at a slightly increased 74.6 million t. The palm oil stocks have fallen somewhat from their high level to 9.9 million t.Palm oil prices are holding their own at an elevated level. In the soy complex , increases can be observed. After a short period of weakness, the rapeseed prices in Paris have recovered and are holding up above the € 380 / t line. The producer prices in Germany vary between 365 to 375 € / t , depending on the location .
