Record High Global Oilseed Crop

WASHINGTON - Aug 12/08 - SNS -- Global oilseed production for 2008-09 is projected at 416.1 million metric tons (MT), down 1.2 million MT from last month, but still record high, according to the latest forecasts from the USDA's World Agricultural Outlook Board.

Soybean production for Brazil is reduced 1.5 million MT to 62.5 million MT due to lower area projections reflecting sharply lower soybean futures prices. Argentina soybean production is raised 1.5 million MT due to a record 49.5 million MT on higher area. Projected area is raised partly due to the impact of dry weather on winter wheat planting in the main soybean producing areas. India soybean production is projected at 9.1 million MT, up 0.4 million based on higher area. Planted area reported through late July indicates higher-than-expected soybean plantings this year.

Ukraine rapeseed production is raised 0.4 million MT to 2.8 million based on higher yields reported during harvest. Global sunflowerseed production is projected higher due to increased harvested area for Argentina, Russia, and Ukraine. Other changes include lower peanut and cottonseed production for India, lower cottonseed production for Pakistan, and lower EU-27 rapeseed production. China soybean imports are raised 0.5 million MT to 36 million MT compared with a revised estimate of 35.4 million MT for 2007-08.

U.S. oilseed production for 2007-08 is projected at 89.1 million MT, down 1.1 million from last month as lower soybean and cottonseed production more than offset higher peanut production. Soybean yields are forecast at 40.5 bushels per acre, down 1.1 bushels from last month's trend yield projection. The first survey-based forecast of U.S. soybean production is 2.973 billion bushels, down 27 million from the July projection, but 388 million bushels above last year's crop. Soybean stocks are down 5 million from last month at 135 million bushels as reduced supplies are only partly offset by a lower crush. Soybean crush is reduced 15 million bushels due to lower domestic use and exports of soybean meal.