USDA corrects oilseeds market 2022/23 The US Department of Agriculture (USDA) updated its assessment of the global supply situation on the oilseeds market in the Feb. 2023 issue. As a result, global oilseed production is only 637 million t (previous month 642 million t). The main decline is due to a lower soybean harvest of 383 million tons (previous month 388 million tons). Only minor corrections are made for the other oilseeds. While the current Brazilian harvest is still estimated at a record level of 153 million t (previous year 129.5 million t), the USDA is only assuming a harvest of 41 million t due to the drought in Argentina ; the previous month's estimate was 45.5 million t. Global soybean consumption will be reduced by 3 million tons. Several small reductions in consumption in China, the USA, the EU and other countries add up. With total exports largely unchanged at 167 million t, Brazil is at the forefront with an export volume of 92 million t. Only then does the USA follow with 54 million.t. On the import side , China has a slightly reduced import volume of 96 million t or almost 60% of world trade. According to USDA estimates, the EU imports just under 14 million tonnes of beans and 16.7 million tonnes of soybean meal. The accounting calculation shows an increasing end stock of 102 million t (previous year 98.8 million t). This means that the supply situation is in the upper midfield . The soybean prices on the Chicago stock exchange have been moving for a good year with minor ups and downs at a level that is twice as high as measured by long-term averages. The supply estimate for the global rapeseed market continues to assume that the 2022/23 harvest will be 11 million tons higher at 85 million tons. Global consumption is estimated at 81.7 million t, so that a significant increase in ending stocks of 6.2 million t (previous year 4.3 million t) can be expected.Higher areas under cultivation mean that further increases can be expected for the 2023 harvest , provided that the yield per hectare does not collapse. The rapeseed prices on the Paris stock exchange have stabilized again at a higher level for the time being.
