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Home >> Market >> News >> News Details

Commodity Futures - Pre-session commentary
12-Oct-2018     08:45

USDA Reduces Global Oilseeds Production Forecast For MY 2018/19

The latest release from United States Department of Agriculture (USDA) stated that the global oilseed production for 2018/19 is projected at 603.9 million tons, down 0.7 million from last month as lower peanut production is partly offset by higher soybean and rapeseed production. Global soybean output is projected at a record 369.5 million tons, up 0.2 million with higher production for Canada partly offset by lower projections for India, the United States, and Mexico. The soybean and peanut crops for India are reduced on lower area harvested based on government reports. India's peanut yield is also reduced due to below-normal and inconsistent rainfall in Gujarat where nearly half of the peanuts are produced. Despite lower global oilseed production, increased beginning stocks, mainly in the United States, results in a 2.0 million-ton increase to global oilseed ending stocks to 123.8 million. Global soybean ending stocks are increased 1.8 million tons to 110.0 million.

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