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USDA Lowers World Oilseed Stock
WASHINGTON - Apr 10/06 - SNS -- Global oilseed production for 2005-06 is projected at 391.0 million metric tons (MT), down 2.0 million MT from last month, but 10.4 million MT above 2004-05, according to the latest report from the USDA's World Agricultural Outlook Board.
Global soybean production is reduced 1.9 million MT mostly due to lower production for Brazil. Brazil soybean production is reduced 1.5 million MT to 57.0 million MT based in part on lower-than-expected yields reported by the Brazilian government, especially in southern growing areas.
Despite the reduction, production is 4 million MT above last year's record. Paraguay soybean production is also reduced this month reflecting abnormally warm and dry conditions during mid-season.
Other changes include reduced sunflowerseed production in South Africa and reduced cottonseed production in Argentina. Global oilseed stocks are reduced this month primarily due to lower projected soybean stocks in South America resulting from reduced Brazilian production and increased exports by Argentina.
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