UFOP: Soybeans the world's most important oilseed crop

Image: UFOP

According to current USDA estimates, global production of oilseeds in the crop year 2020-’21 will be around 597 million metric, which is up around 4 percent year on year. After recent expectations of a record output of 605 million tons, the current forecast is slightly more cautious.

Since 2000, global oilseed production has nearly doubled. Soybean is the world’s most important oilseed crop, accounting for 61 percent of total oilseed production. Soybean farming has been heavily expanded over the past decades, especially in North and South America, in order to meet the growing demand for high-quality feed protein. At 363 million tons, the current crop year’s soybean harvest is expected to be larger than ever.

Production of palm fruits is also forecast to grow compared to 2019-’20. It is seen to rise approximately 3 percent to 20 million tons in the current crop year.

Global rapeseed production is expected to decline marginally on the year to 69 million tons. According to Agrarmarkt Informations-Gesellschaft (mbH), this outlook is based on harvest declines in major rapeseed producing countries, such as Canada, China and India. Global rapeseed production increased 14 percent over the past decade and as much as 85 percent compared to the year 2000.