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Global Oilseed Crops Slip
WASHINGTON - May 11/07 - SNS -- Global oilseed production for 2007-08 is projected at 399 million MT, down 3.8 million MT from 2006-07, according to the latest forecasts from the USDA's World Agricultural Outlook Board.
If realized, this will be the first year-to-year decline in global oilseed production since 1995-96. Lower production in the U.S. will be partly offset by increased foreign production. Total foreign supplies are projected to increase by nearly 3% from 2006-07.
Global oilseed ending stocks for 2006-07 are projected at 68.3 million MT, up 0.9 million MT from last month. Most of the increase is due to higher projected soybean stocks in South America resulting from reduced export prospects for Brazil and Argentina.
Soybean stocks for Brazil and Argentina are projected at a record 38.4 million MT, up 4.2 million from 2005-06. China soybean imports for 2006-07 are projected at 30 million MT, down 1 million from last month.
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