USDA shortens global oilseeds production month-on-month - 3.5% less than last year The above-average global supply of oilseeds is history. The US Department of Agriculture (USDA) estimates production at just under the previous month at approx . 580 million t and thus remains around 20 million t behind the record year 2018/19. Soybean, with a production share of almost 60% of world oilseed production, has fallen from 362 million tonnes to 341 million tonnes . The decline is almost exclusively due to the projected harvest losses in the US . The USDA estimates this year's harvest at just under 99 million tonnes, up from 123.6 million tonnes in the previous year. The main reason is the adverse weather conditions during sowing in May this year. Areas under cultivation have been reduced, but more importantly, late sowing results in lower yields per acre.However, the US has well above-average soybean levels because China, as a leading importer, refuses to buy soybeans from the US. US stock levels more than quintupled from 5 million tons previously used to 27 million tons . This year's weak harvest is intended for a reduction of approx. 10 million t. That's still three times more than usual. By contrast, Brazil is to increase its soybean harvest to 123 million tonnes. Sales to China are running at full speed with premium supplements. However, the beans are not sown yet. The Brazilian harvest will not start until January 2020. The Argentine harvest is still estimated to be below average 53 million tonnes . On the demand side , the USDA forecasts a Chinese soybean import of only 85 million tonnes , compared to previously customary increases of up to 95 million tonnes.China's demand for imports is shrinking, not least because of reduced ASP pig production in China. Global soybean consumption increased by 7 million tonnes to 306 million tonnes year-on-year. Falling production and increasing consumption lead to a reduction in global stocks of less than 100 million t . Compared with previous years, this is still above average at 70 to 90 million tonnes and will keep soy prices relatively low. Worldwide rapeseed production is now also classifying the USDA at 69.5 million tonnes . This was largely due to the extremely weak EU harvest of 17.5 million tonnes compared to previous years, well above the 20 million tonnes mark. For Canada , the world's largest rapeseed producer, the USDA estimates a harvest of 20.1 million tonnes . However, the Canadian Statistical Office is only 19.3 million t . The Canadian rapport export of 10 milliont has been in trouble due to political tensions with China. The final stocks pile up from just under 2 to 3.8 million t this year. Palm oil , along with soy, is the second market leader in the oilseed business. Production is estimated unchanged from the previous month at 76 million t. Indonesia with 43 million tonnes and Malaysia with 21 million tonnes make a major contribution. With an increase of 2 million tons compared to the previous year, the increase is comparatively moderate. The oilseed rates are picking up . The soybean prices increase by 7.5 to 10 € / t, but remain in the low range around 300 € / t. The rape quotation in Paris stabilized on the 382 € / t line. The Canola courses in Winnipeg have recovered after a short period of weakness and are showing an upward trend. Palm oil prices have risen to the level of around € 460 / t . Overall, stable developments in the oil-seed market appear to be returning to elevated levels.
