World oilseed harvest in 2023/24 MY will be a record 672 million tons – USDA

Global oilseed production in the season-2023/24 may increase by 7% to a record 672 mln tons. Such data were announced by the experts of the U.S. Department of Agriculture (USDA) in the May report. According to experts, the growth is expected to be driven by an increase in the gross harvest of soybeans in South America, as well as sunflower in the European Union, Russia and Ukraine.

At the same time, analysts emphasize that soybean production in the upcoming agricultural year may increase by 11% (40 mln tons) to 410.6 mln tons.

“If the forecast is justified, the year-on-year increase will be the highest in more than 10 years, mainly due to high yields in Argentina after a historic drought,” the USDA said.

The estimate of the rapeseed harvest remains unchanged at 87 million tons.

“The European Union is expected to maintain its position as the world’s largest producer, outpacing Canada for the third consecutive year. Additional growth is possible in China and India, which will compensate for the losses in Australia, where the harvested area will be reduced by 10% compared to the previous season,” USDA said in its materials.

The global production of sunflower seeds in 2023/24 MY will increase by 6% to 54.3 mln tonnes, according to the USDA.

“The market is still influenced by the conflict in Ukraine. Production in the region will recover slightly as farmers switch from grains to oilseeds. However, the harvest will be well below pre-conflict levels. Russia remains the world’s largest producer of sunflower seeds. The EU and Russia will have record harvests. Other areas of production growth are Kazakhstan and Argentina,” the report says.