Record Global Oilseed Harvest in 2009-10

WASHINGTON - May 12/09 - SNS -- Global oilseed production for 2009-10 is projected at a record 422.1 million MT, up 25.9 million from 2008-09, according to the latest supply and demand forecasts from the USDA's World Agricultural Outlook Board.

Foreign oilseed production is projected at 327.6 million MT, up 20.4 million. Global soybean production is projected to increase 14% to 241.7 million MT. The Argentina crop is projected at 51 million MT, up 17 million from the revised estimate for the 2008-09 crop based on increased harvested area and a return to trend yields. The Brazil crop is projected at 60 million MT, up 3 million from 2008-09 based on a 3-% increase in harvested area. China soybean production is projected at 15.6 million MT, down 0.4 million from 2008-09 due to reduced area.

Global production of high-oil content seeds is projected to decline 2% from 2008-09 as lower projected yields more than offset higher area for sunflowerseed and rapeseed. Lower rapeseed production for Canada and Ukraine more than offsets increases for China, EU-27, India, and Australia. Lower sunflowerseed production for Russia, Ukraine, and EU-27 more than offsets an increase for Argentina. Despite higher global oilseed production, 2009-10 supplies are up just 4% reflecting lower beginning stocks.

Global protein meal consumption is projected to increase 3% in 2009-10. Protein meal consumption is projected to increase 4% in China, accounting for 32% of global protein consumption gains. Global soybean trade is projected at 75.3 million MT, up 2.1 million from 2008-09. China imports are projected to account for just over half of world trade at 38.1 million MT.