January 15, 2013

USDA's estimate on global oilseeds production rises

The global oilseeds production was estimated by the USDA in their January report at the level of 465.8 million tonnes, an increase of 2.8 million tonnes than in the December forecast.

The estimate of oilseeds production was raised mainly owing to increased forecast of soy crop in the US of 1.4 million tonnes to 92.7 million tonnes and Brazil of 1.5 million tonnes to 82.5 million tonnes. On the other hand the estimate of soy crop in Argentina was cut by one million tonnes to 54 million tonnes due to decline of planted area because of excessive precipitation in the country.

Estimates of sunseed and sunoil production in Ukraine and Russia remained unchanged. Sunseed crop in Ukraine was forecasted to reach nine million tonnes and 7.5 million tonnes in Russia. Sunoil production estimate amounted to 3.735 million tonnes for Ukraine and 2,848 million tonnes for Russia.