Record year for oilseed production
Global processing of oilseeds is also set to rise to a record high of 542.5 million tonnes, according to the most recent USDA outlook.
This would be up around 19.1 million tonnes on the crop year 2022/23.
Global ending stocks will amount to 131.7 million tonnes, which would exceed the previous year's level by 11.5 tonnes.
At 398.9 million tonnes, the current crop year's soybean harvest is expected to be larger than ever.
Global output of sunflower seed is also seen to increase on the year – 8% to 56.8 million tonnes.
By contrast, world rapeseed production is expected to decline 2% to 87 million tonnes. According to Agrarmarkt Informations-Gesellschaft, this outlook is based on declines in key rapeseed-producing countries, especially Australia.