About 607.8 million tons of oilseeds can be produced in the world in the 2022/23 marketing year. This forecast was published by experts from the Hamburg analytical agency OilWorld (Germany) in their July report, having increased their previous estimate by 31.5 million tons . It is noted that an increase in indicators is expected subject to favorable weather conditions in key producing countries and a recovery in oilseed yields, in particular, in Canada, Brazil, Paraguay and partly in the United States.
“In addition, the increase in the global oilseed crop will be stimulated by the expansion of sown area by 3.2 million hectares to 298.8 million hectares,” the report says.
According to the forecasts of the specialists of the German agency, the world production of soybeans in the next season will be 383.3 million tons , which is 1.8 million tons lower than the June estimate of experts (385.1 million tons).
A similar situation is observed with rapeseed: over the past month, OilWorld also made a downward adjustment for this crop – from 72.8 million tons (June 2022) to 72.5 million tons .
It should be noted that analysts in their report also raised the forecast for world production of sunflower and cotton in 2022/23 MY to 52.1 million tons (51.9 million tons – the previous forecast) and 42.3 million tons (42.5 million tons) respectively.
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