Global oilseed production is forecast higher in November, primarily on larger soybean crops in the United States and Russia, as well as a larger peanut and rapeseed forecast in China, the United States Department of Agriculture (USDA) said in its latest World Agriculture Supply and Demand Estimates (WASDE) report.
Oilseed exports are up on larger shipments from the United States, Ukraine and Russia, offset by a reduction in Argentina, it said, adding that soybean imports are forecast slightly lower on reduced demand in Russia offset by an increase in Mexico.
“Global oil imports are up on higher soybean oil demand in India offset by a reduction in demand for palm and palm kernel oil. Global oilseed stocks are boosted, led by Argentina, United States, and China,” the report added.
The U.S. season-average farm price is up 15 cents to $9.20 per bushel. 2015/16 Global soybean and rapeseed production is raised on revised China production for 2015/16. Soybean imports are up on stronger demand from the European Union and China. Exports are down slightly with lower shipments from Argentina. Global stocks are raised this month led by China and Argentina.
Changes observed in 2016-17 trade outlook
United States: Soybean exports are up 680,000 tons to 55.8 million on larger exportable supplies while soybean meal exports are down 272,000 tons to 10.9 million on slowing demand.
Argentina soybean exports are down 400,000 tons to 9.3 million, and soybean meal exports are down 100,000 tons to 32.7 million on slowing demand.
Brazil soybean meal exports are down 300,000 tons to 15.5 million on slowing demand.
European Union: Soybean meal imports are down 200,000 tons to 30.0 million following tighter exportable supplies in South America resulting from lower crush. Sunflowerseed meal imports are up 100,000 tons to 3.9 million on ample exportable supplies in the Black Sea region.
India: Palm oil imports are lowered 250,000 tons to 10 million, and palm kernel oil imports are lowered 100,000 tons to 130,000 on larger supplies of other vegetable oils. Soybean oil imports are raised 400,000 tons to 4.0 million on higher demand.
Japan soybean meal imports are down 100,000 tons to 1.8 million on lower domestic demand.
Mexico soybean meal imports are lowered 100,000 tons to 2.5 million, while soybean imports are up 100,000 tons to 4.3 million on strong domestic crush margins.
Pakistan soybean meal imports are reduced 150,000 tons to 500,000 tons on lower forecast of domestic consumption.
Russia soybean imports are down 100,000 tons to 2.1 million following a larger crop.
Tunisia olive oil exports are slashed 100,000 tons to 70,000 in response to sharply lower production.