NEW YORK (Commodity Online): Due to bad weather conditions in Brazil and Argentina, the global oilseed production for 2011-12 is projected at 452.5 million tons, down 4.9 million tons from last month estimates, according to the latest USDA WASDE report.
The lower oilseed prospects may raise the price of commodity.
Hot and dry conditions in Brazil has pull down soybean projection by 2 million tons to 72 million tons. while, in Argentina, extended hot, dry period during the planting has reduced the the crop prospects by 2.5 million tons to 48 million tons.
The Global oilseed trade for 2011-12 is projected at 110.5 million tons, down 2.6 million mainly reflecting reduced soybean export projections for Brazil, Argentina, and Paraguay.
Other major changes around the globe are higher rapeseed production for China and Russia, lower rapeseed and sunflowerseed production for Kazakhstan, and higher cottonseed production for Pakistan.
Meanwhile, India's oilseed production for MY 2011/12 (Oct-Sep) is forecast higher at 35.6 million tons.
In Inter-Continental Exchange (ICE), the soybean for March delivery traded at 1227 4/8 cents and In India's National Commodity and Derivatives Exchange (NCDEX), the commodity for February delivery traded at Rs 2513.5 on 9th February.
