STAT Communications Ag Market News

USDA Reduces Global Oilseed Forecast

WASHINGTON - Nov 10/08 - SNS -- Global oilseed production for 2008-09 is projected at 417.8 million metric tons (MT), down 1.3 million MT from last month, according to the latest estimates from the USDA's World Agricultural Outlook Board.

Foreign production is reduced 0.7 million MT as lower soybean and cottonseed production is only partly offset by higher rapeseed and sunflowerseed production. Brazil soybean production is projected at 60 million MT, down 2.5 million MT from the previous forecast due to reduced area and yield.

Despite a strengthening U.S. dollar that has mostly offset the effect of declining soybean prices, recent Brazilian government surveys indicate a lower area projection due to higher costs and reduced credit availability.

Global rapeseed production is projected higher mainly due to an increase for China. Recently released government statistics indicate higher rapeseed area, resulting in a 0.5 million ton increase in production to 11.5 million MT. Rapeseed production is projected 0.2 million MT lower for Australia due to lower yields related to excessively dry conditions in some growing areas.

Only active subscribers can read all of this article.

If you are a subscriber, please log into the website.

If you are not a subscriber, click here to subscribe to this edition of the STAT website and to learn more about becoming a subscriber.