U.S. oilseed production for 2023/24 is projected at 127.6 million tons, down by 5.6 million tons from last month. The decrease is due to declines in soybeans and sunflower seed, partly offset by higher canola and peanuts production. Soybean production is expected to reach 4.3 billion bushels, down by 210 million due to lower harvested area. Despite reduced use, ending stocks are projected at 300 million bushels, down by 50 million from last month. The U.S. season-average soybean price for 2023/24 is forecasted at $12.40 per bushel, up by $0.30.
Global soybean trade for 2023/24 has decreased by 3.1 million tons to 169.3 million. The decline is driven by lower U.S. exports and reduced imports for China, Egypt, Bangladesh, Pakistan, Turkey, and Thailand. China's imports are lowered by 1.0 million tons to 99.0 million due to higher carry-in supplies. Foreign oilseed production has increased by 1.5 million tons to 539.7 million, mainly due to higher sunflowerseed, soybean, and rapeseed production in Ukraine and Canada. However, the EU's rapeseed production decreased by 0.8 million tons due to dry conditions in France and Germany. Global soybean ending stocks are reduced by 2.4 million tons to 121.0 million, reflecting lower U.S. stocks.
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