USDA Oilseeds: World Markets and Trade (Nov. 9): Lower Soybean Production in Argentina, U.S.; Global Crush Up

Washington, DC — Global 2021/22 oilseed production is slightly lower this month as reduced soybean production more than offsets gains in other oilseeds, the USDA says in its November Oilseeds: World Markets and Trade report released Tuesday, Nov. 9.

Lower soybean production in Argentina and the United States is partially offset by higher production in India.

Rapeseed in Iran, sunflowerseed in the EU, and cottonseed in Australia and Brazil round out the production gains.

Global crush is up nearly 1 million tons on production gains. Trade is down as lower U.S. and Argentina soybean exports more than offset higher Brazil exports and lower rapeseed exports by Canada, as processors hold more of the limited supply for domestic crush.

Global ending stocks are down mostly on lower soybean stocks. Global production of protein meal is forecast higher with the larger crush expected.

Protein meal trade is up primarily on higher India soybean meal exports and Canada’s focus on producing and exporting rapeseed products instead of seed.

Protein meal consumption is little changed overall, while stocks are up mostly on higher soybean meal stocks in Argentina and India. Global vegetable oil production is raised slightly on increased crush.

Vegetable oil trade is marginally higher, though consumption is slightly lower as high vegetable oil prices continue to pressure demand.

The projected U.S. season-average farm price for soybeans is down 25 cents to $12.10 per bushel.

To read the full report, click here.