In its most recent Aug. 2023 edition, the USDA reduced the global oilseed harvest to growth of only +5.5% compared to the previous month's estimate of +8%. With the exception of the sunflower harvest, all other oilseed productions have been reduced compared to the July estimate. Soybeans have the largest market share at around two thirds. The world harvest of soya is estimated at around 403 million tons. Although that is less than was assumed in July, it is still 8.9% above the previous year's result. The largest producer is Brazil with 163 million t (previous year 156 million t) followed by the USA with 114 million t (previous year 116 million t). After the catastrophic previous year with less than 25 million t, Argentina is expected to increase to 48 million t in the current year. Brazil is also the leading exporter of soybeans with exports of beans amounting to 96.5 Mt excl. 22 million tons of soybean meal and 2.2 million tons of soybean oil. The USA exports almost 50 million tons of beans and 13.6 million tons of soybean meal. In all cases, US shipments are down.Argentinian exports are concentrated on the processed soybean meal with an increasing number of 24.5 million tons and 4.55 million soybean oil. The export of soybeans is only 4.6 million tons with a slight upward trend. China remains the world's largest importer with an almost unchanged quantity of 99 million tons of soybeans, 60% of which come from Brazil and 33% from the USA. Far behind comes the EU-27 with imports of falling 14 million tons of soybeans and 15.7 million tons of soybean meal. With production rising faster than consumption , soy stocks are expected to build up by a whopping 12.5%. These quantities depress the price level. The USDA further reduced the global rapeseed harvest for 2023 to 86 million t (previous year 88.5 million t). Rapeseed production in Canada is downgraded to just 19 million tonnes, while around 20 million tonnes is still assumed for the EU-27 . European estimates are lower. After the descent of rapeseed prices from the war-related soaring to a stock market level of approx.400 €/t the prices have increased again. But the development takes place in an almost unpredictable up and down movement. The background is the uncertain rapeseed export opportunities from the Ukraine and the fluctuating yields per hectare due to the weather. As the second market leader, palm oil plays a decisive role in price formation for the oilseed market. Production in 2023/24 is estimated at 79.5 million t (previous year 77.5 million t). The two main producers , Indonesia with 47 million tons and Malaysia with 19 million tons, determine the market and price developments. The two countries alone account for around 45 million t of the 51 million t worldwide export volume .
In its most recent Aug. 2023 edition, the USDA reduced the global oilseed harvest to growth of only +5.5% compared to the previous month's estimate of +8%. With the exception of the sunflower harvest, all other oilseed productions have been reduced compared to the July estimate. Soybeans have the largest market share at around two thirds. The world harvest of soya is estimated at around 403 million tons. Although that is less than was assumed in July, it is still 8.9% above the previous year's result. The largest producer is Brazil with 163 million t (previous year 156 million t) followed by the USA with 114 million t (previous year 116 million t). After the catastrophic previous year with less than 25 million t, Argentina is expected to increase to 48 million t in the current year. Brazil is also the leading exporter of soybeans with exports of beans amounting to 96.5 Mt excl. 22 million tons of soybean meal and 2.2 million tons of soybean oil. The USA exports almost 50 million tons of beans and 13.6 million tons of soybean meal. In all cases, US shipments are down.Argentinian exports are concentrated on the processed soybean meal with an increasing number of 24.5 million tons and 4.55 million soybean oil. The export of soybeans is only 4.6 million tons with a slight upward trend. China remains the world's largest importer with an almost unchanged quantity of 99 million tons of soybeans, 60% of which come from Brazil and 33% from the USA. Far behind comes the EU-27 with imports of falling 14 million tons of soybeans and 15.7 million tons of soybean meal. With production rising faster than consumption , soy stocks are expected to build up by a whopping 12.5%. These quantities depress the price level. The USDA further reduced the global rapeseed harvest for 2023 to 86 million t (previous year 88.5 million t). Rapeseed production in Canada is downgraded to just 19 million tonnes, while around 20 million tonnes is still assumed for the EU-27 . European estimates are lower. After the descent of rapeseed prices from the war-related soaring to a stock market level of approx.400 €/t the prices have increased again. But the development takes place in an almost unpredictable up and down movement. The background is the uncertain rapeseed export opportunities from the Ukraine and the fluctuating yields per hectare due to the weather. As the second market leader, palm oil plays a decisive role in price formation for the oilseed market. Production in 2023/24 is estimated at 79.5 million t (previous year 77.5 million t). The two main producers , Indonesia with 47 million tons and Malaysia with 19 million tons, determine the market and price developments. Of the 51 million t global export volume , the two countries alone account for around 45 million t.
