USDA estimates oilseed production at record level
In its latest May issue, the US Department of Agriculture (USDA) estimated global oilseed production in 2024-25 at a record level of 687 million tons (previous year 658 million tons). Compared to the previous year, the increase is +4.4 %. Consumption is estimated at 671 million tons. This results in an increase in stocks of 12.8% to 145 million tons. The supply figure is 21.6% final stocks to consumption, indicating an above-average global supply situation.
With an estimated harvest of 422.3 million tons (+6.4%), soybean production accounts for the largest share of the oilseed business. Brazil is clearly in the lead with a result of 169 million tons, ahead of the USA with 121 million tons, but the floods have not yet been taken into account. After the catastrophic year of 2022/23 (25 million tons), Argentina is expected to be stable again above the 50 million mark. China only reaches 20.7 million tons.
The key sales channel for Brazilian soy is the steadily growing Chinese demand for imports. EU imports have been constant for years and have recently been declining.
