USDA: 2022/23 global oilseeds up 2.65% yoy, but lower than previous month In its latest April 23 edition, the US Department of Agriculture (USDA) cut global oilseeds production 2022/23 slightly from the previous month, but remains in Result above previous year's level. Total production is calculated at 625 million t, consumption is estimated at around 627 million t. The end stock is thus reduced by around 2 million t. With a share of around 59% , soya remains the market leader in the oilseeds sector. However, due to the catastrophic harvest in Argentina, global soybean production is estimated at just 370 million tons. The South American country is only expected to harvest 27 million t (previous year: 55 to 44 million t) and will depend on 8 to 10 million t of imports in order to be able to utilize its oil mill capacities to the full. For Brazil , soybean production, which is currently coming to an end, is estimated at a record level of 154 million t (previous year 130.5 million t). Brazilian exports are estimated at 92.7 million t (previous year 79 million t).The US harvest brought in in autumn 2022 is still classified at 116.4 million t. Of this, around 55 million t should also continue to be exported. The North and South American growing regions account for around 80% of world production and 90% of world trade. On the import side , China is at the forefront with imports of 96 million t or 60% of the global import volume. No increases are expected for the current financial year. The EU-27 imports declining 13.9 million t soybeans, 16 million t soybean meal and 0.45 million t soybean oil. Declining livestock and increasing EU rapeseed production are causing falling imports. Global rapeseed production increased by 17% compared to the previous year to 87 million tons this year. The two largest producers EU-27 and Canada each reach unchanged 19.5 and 19 million t compared to the previous month's estimate. After several years of Covid-related production stagnation (AK shortage), palm oil production is expected to increase again to 77.6 million tons.The export is estimated at an increasing 51 million tons. With a share of more than 80%, the two growing regions Indonesia and Malaysia are largely responsible for the result. The current prices for soya and rapeseed on the leading stock exchanges have continued to fall.
