USDA Cuts World Oilseed Estimate

WASHINGTON - Jul 12/06 - SNS -- Global oilseed production for 2006-07 is reduced 2.7 million metric tons (MT) to 386.7 million even as output outside the United States rises 100,000 MT to a forecast 294.9 million MT, according to the latest supply and demand outlook report from the USDA's World Agricultural Outlook Board.

Rapeseed production is increased for Canada based on higher harvested area. Rapeseed production is reduced for Australia because dry weather reduced plantings. Other changes include reduced soybean production for Canada.

Global oilseed production for 2005-06 is reduced this month mainly due to a 0.7 million ton reduction in the Brazil soybean crop. The crop is estimated at 55 million MT based on lower yields recently reported by the Government of Brazil.

U.S. oilseed ending stocks for 2006-07 are projected at 16.6 million MT, down 2.8 million MT from last month. Oilseed production is projected at 91.8 million MT, down 2.9 million MT. Reduced soybean, sunflowerseed, cottonseed, and peanut production are only partly offset by a small increase in canola production.

Subscribers can read the full text of the article by Clicking here