The global production of oilseeds in the season 2023/24 will reach a record high of 666.7 million tons, according to the November report of the Food and Agriculture Organization of the United Nations (FAO). It is noted that the current forecast is 4% higher than the level of 2022/23 MY (640.9 million tons) and more than 7% higher than the final figure of 2021/22 MY (619.4 million tons).
According to experts, the growth will be provided by the expected increase in gross harvest of sunflower and soybeans, despite a possible decline in global rapeseed production.
The report notes that soybean crop growth will largely depend on the recovery of oilseed harvest in Argentina and further expansion of areas under the crop in Brazil. Meanwhile, global sunflower seed production is expected to increase markedly compared to last season amid favorable conditions for oilseed cultivation in the Black Sea region and Europe. World rapeseed production will decline from the record level of MY 2022/23, as crops in Australia and Canada are set to decline due to bad weather.
In the vegetable oils and fats category, FAO forecasts output to increase to 258.6 million tons (+1.9% by MY 2022/23; +4.5% by MY 2021/22). Meanwhile, global consumption will also increase over the year due to an expected increase in demand from the food and biofuel sectors.
The estimate for world meal production for the new season is 171.9 million tons versus 164 million tons (+4.8%) by MY 2022/23 and 158.6 million tons (+8.4%) by MY 2021/22.