Record Global Oilseed Supply

WASHINGTON - Dec 11/07 - SNS -- Global oilseed production for 2007-08 is projected at a record 391.3 million metric tons (MT), up 900,000 from last month, according to the latest forecasts from the USDA's World Agricultural Outlook Board.

Foreign crops account for nearly all of the change. Projected soybean production for India increased 1 million MT from last month to a record 9.2 million. India rapeseed production is reduced 300,000 MT primarily due to a lower area estimate. Offsetting increases for rapeseed include larger crops for EU-27 and Kazakhstan. Global cottonseed production is reduced mainly due to lower output for Pakistan with a partly offsetting increase for India.

Global oilseed crush for 2007-08 is up 1.4 million MT due mainly to higher soybean crush for India, China, Paraguay, and the United States. Major changes in global oilseed trade include a 500,00 MT increase in China soybean imports and a 500,000 MT decrease in EU-27 soybean imports. Paraguay soybean exports also declined reflecting a higher projected crush.

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