United States Department of Agriculture (USDA) has lowered its estimate for global oilseeds production for MY 2019/20 to 580.86 million tonnes, down 5.14 million tonnes from last forecast.
Lower soybean, rapeseed, and peanut production are partly offset by higher sunflower seed output. Rapeseed production is lowered for the EU mainly on a lower area and yield for France.
India's soybean and peanut harvested area is reduced due to slow planting progress to date. Ukraine's sunflower seed production is forecast higher, as timely rainfall in late July and early August boosted yield prospects.
Global 2019/20 oilseed exports are reduced 3.0 million tonnes mainly on a 2-million-ton reduction to soybean trade. China's soybean imports are lowered 2 million tons to 85 million reflecting lower soybean meal crush in 2019/20.
With crush also lowered in 2018/19, China's protein meal consumption growth is forecasted flat in 2019/20. Global 2019/20 soybean ending stocks are lower relative to last month due to lower stocks in the United States and China.