The USDA estimates global oilseed production in 2023/24 to be around 4.8% higher than in the previous year. The increasing soy production , with an increase of +7.6%, and the sunflower harvest, with an increase of +8.8%, played a significant role in this. In contrast, the global rapeseed harvest fell by -3.6% due to crop losses in Australia and Canada. As oilseed consumption increases at a lower rate, inventories increase by 10.7%. This means that an above-average supply situation has been achieved, with the result that prices are under pressure.
