Record year for oilseed production
Global processing of oilseeds is also set to rise to a record high of 533.4 million tonnes, according to the most recent USDA outlook. This would be up around 21.9 million tonnes on the crop year 2021/22.
Global ending stocks will presumably amount to 121.4 million tonnes, which would exceed the previous year's level by 7.1 tonnes. However, ending stocks are seen to be clearly below the 2018/19 season's 134.1 million tonne record high. Also, world trade in oilseeds is expected to record a 20.3 million tonne increase to 198.3 million tonnes.
At 391.2 million tonnes, the current crop year's soybean harvest is expected to be larger than ever.
In contrast, global output of sunflower seed is set to decline 12% on the year to 50.7 million tonnes, whereas world rapeseed production is seen to increase 10.4 million tonnes to 84.3 million tonnes.
According to Agrarmarkt Informations-Gesellschaft, this outlook is based on harvest increases in major rapeseed producing countries, especially Canada. It should be noted that the USDA oilseed estimate also includes peanuts (approximately 50.3 million tonnes) and cottonseed (approximately 42.1 million tonnes), among other oilseeds.