USDA cuts oilseed market compared to previous month The latest USDA estimate of oilseed production for 2023/24 is somewhat more subdued than last month. Total production will be reduced by 1 million t to 658 million t. Global consumption remains unchanged at 648 million tonnes. Year-on-year production increased by 20 million tonnes to a record level. Inventories also reach peak levels of over 130 million tons. This means that a calming supply situation can be seen in 2023/24. With a market share of 60% , soybeans play a key role in the results. This year's harvest is estimated at around 397 million t (previous year 378 million t). The Brazilian result is estimated at 155 million tons (previous year: 162 million tons); Argentina expects an average production of 50 million t this year after the disastrous previous year of 25 million t. For the USA, the harvest result remains unchanged at 113 million t. Soy consumption is estimated at 385 million tonnes. Of these, 120 million are in China alone. t used, of which 100 million t are imported. The EU needs around 15 million tonnes of beans or meal, a high proportion of which are imported. The largest exporters are Brazil with 103 million t (previous year 95 million t) and the USA with almost 47 million t (previous year 54 million t). Argentina exports very few beans, but exports processed products such as oil, meal and biodiesel. The global rapeseed harvest for 2023/24 will be slightly reduced to 88 million t (previous year 88.8 million t). The largest producers are the EU-27 with around 20 million t and Canada with 18.8 million t. While Canada exports 7.5 million tonnes, the EU has to import 5.3 million tonnes to meet domestic demand. China is reducing its imports from last year from 5.3 to 3.4 million t. Ending stocks fall from last year's 8.7 million t to 8 million t.
Prices: After falling in price since the beginning of the year, soybean prices have bottomed out and are currently rising again. Rapeseed prices on the Paris Stock Exchange are also stabilizing above the €420/t line. Support comes from rising palm oil prices in Malaysia.
