USDA raises global Oilseeds production outlook
Commodity Online | April 17 2019
UPDATED 11:08:18 IST

Short-Term Risk Rising but Trend Remains Very Bullish

Retail Traders & Investors Squeezed to Buy High-Risk Assets Again

LME starts publishing off-warrant stocks data

Metals extend gains; oil prices trend higher despite increase in inventories

Metals rally as risk aversion takes hold; oil prices steady ahead of inventories report

The United States Department of Agriculture (USDA) has raised its estimate for 2018-19 global oilseed production by 2.0 million tonnes to 595.0 million mainly on higher soybean production for Brazil and rapeseed production for India.

Production for Brazil is increased 0.5 million tonnes to 117.0 million, reflecting favorable weather in Rio Grande do Sul where the crop is in pod-filling and maturation stages. Brazil’s 2017/18 soybean crop is also revised higher, supported by recent industry estimates, USDA said in its monthly World Agricultural Supply and Demand Estimates (WASDE) report.

Rapeseed production for India is raised 1.4 million tonnes to 8 million on information from India’s Solvent Extractors’ Association, the report said.

USDA reduced global oilseed exports forecast by 1.0 million tonnes to 177.1 million mainly on lower rapeseed trade between Canada and China.

With lower rapeseed crush for China, imports are increased for other products, including sunflowerseed meal, rapeseed meal, palm oil, and soybean oil, USDA said.

Global oilseed ending stocks are raised 1.5 million tonnes to 123.2 million, largely due to higher soybean stocks for Brazil and rapeseed stocks for Canada, the report said.