About 644.4 million tons of oilseeds can be produced in the world by the end of the 2022/23 season. This forecast was published by analysts of the US Department of Agriculture (USDA) in the December report, lowering their estimate relative to November by 1.2 million tons.
Soybean harvest may increase
According to experts of the department, the deterioration in the collection of sunflower and rapeseed seeds will only be partially offset by an increase in soybean production.
The USDA materials reported that the forecast for global sunflower production was reduced by 0.6 million tons to 50.7 million tons, based on the preliminary results of harvesting this crop in Russia and Ukraine.
Estimates of rapeseed production also decreased by 0.5 million tons to 84.3 million tons amid worsening crop prospects in Canada.
At the same time, the global soybean harvest forecast was raised due to improved estimates for the harvest in India and Ukraine – by 0.6 million tons, to 391.2 million tons.