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USDA Boosts World Oilseed Estimate
WASHINGTON - Oct 12/07 - SNS -- Global oilseed production for 2007-08 is projected at 392 million metric tons (MT), up 1.1 million MT from last month, according to the latest supply and demand forecasts from the USDA's World Agricultural Outlook Board.
Foreign oilseed production accounts for most of the change. Soybean production for Brazil is raised 1 million MT to 62 million based on increased harvested area as producers respond to higher soybean prices. Soybean cash prices reported in Brazil are 40% above year-earlier levels after adjusting for stronger currency values.
China soybean production is reduced 0.6 million MT to 14.6 million due to dry conditions in the principal growing region. This would be the smallest soybean crop in 8 years. Soybean production is also raised for India.
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