Rice Production and Usage Increase

WASHINGTON - Mar 11/03 - SNS -- Global oilseed production for 2002-03 is projected at 326.4 million tons, down 0.1 million tons from last month, according to the latest outlook report from the USDA.

Global soybean production is projected at a record 194.0 million tons. Soybean production in Argentina is raised 1.5 million tons to a record 35 million tons based on expected near-record yields. Soybean production is also raised for Paraguay.

Other changes include a reduction in sunflower seed production for Argentina, increased cottonseed and peanut production for China, and reductions for the Indian soybean and peanut crops. The Indian peanut crop is reduced almost 20% to 5.4 million tons reflecting the effect of dry weather on both peanut crops this year.

U.S. soybean exports for 2002-03 are forecast at 960 million bushels, up 20 million bushels from last month based on strong year-to-date shipments, especially to China. China's prospective soybean imports are raised 1 million tons this month to a record 16 million tons. U.S. soybean crush is forecast at 1,640 million bushels, down 15 million bushels from last month. Lower crush reflects weaker-than-expected domestic soybean meal use and poor crushing margins.

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