Global oilseed production set to break record in 2022-’23 crop year

According to current USDA estimates, global output of oilseeds in the crop year 2022-’23 is set to hit a peak of around 644.4 million metric tons, which would be up around 7 percent year on year. With that, the current forecast is slightly more cautious than the previous estimate.

Global processing of oilseeds is also set to rise to a record high of 533.4 million tons, according to the most recent USDA outlook. This would be up around 21.9 million tons on the crop year 2021-’22.

Global ending stocks will presumably amount to 121.4 million tons, which would exceed the previous year’s level by 7.1 tons. However, ending stocks are seen to be clearly below the 2018-’19 season’s 134.1-million-ton record high.

Also, world trade in oilseeds is expected to record a 20.3-million-ton increase to 198.3 million tons.

At 391.2 million tons, the current crop year’s soybean harvest is expected to be larger than ever.

In contrast, global output of sunflower seed is set to decline 12 percent on the year to 50.7 million tons, whereas world rapeseed production is seen to increase 10.4 million tons to 84.3 million tons.

According to Agrarmarkt Informations-Gesellschaft (mbH), this outlook is based on harvest increases in major rapeseed-producing countries, especially Canada.

It should be noted that the USDA oilseed estimate also includes peanuts (approximately 50.3 million tons) and cottonseed (approximately 42.1 million tons), among other oilseeds.