Modest Cut in Global Oilseed Harvest

WASHINGTON - Mar 11/08 - SNS -- Global oilseed production for 2007-08 is projected at 390.1 million metric tons (MT), down 200,000 MT from last month, according to the latest supply and demand forecasts from the USDA's World Agricultural Outlook Board.

Higher sunflowerseed and peanut production only partly offsets lower soybean and rapeseed production. Global soybean production is reduced 0.2 million MT to 219.8 million. Bolivia's soybean crop is reduced 0.8 million MT as excessive rains and flooding have reduced projected harvested area and yields. Soybean production for Brazil is projected at a record 61 million MT, up 0.5 million from last month. Yields are projected record high due in part to reduced losses from rust.

Global rapeseed production is reduced 0.9 million MT to 47.6 million mainly due to lower output in China resulting from lower yields. Other changes include increased peanut production for India, increased sunflowerseed production for EU- 27, and increased rapeseed production for Australia. Argentina soybean production for 2006-07 is raised to 48.8 million MT, up 1.6 million, based on reported crush, import, and export data for the marketing year.

For the United States, soybean ending stocks for 2007-08 are reduced 20 million bushels to 140 million this month, the lowest since 2003-04. Soybean exports are raised 20 million bushels to 1,025 million reflecting strong sales, especially to China, and reduced soybean exports from Brazil as good crush margins and strong demand for soybean meal and oil result in an increase in projected crush.

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