International Edible Oil Trend Projections by USDA: Indian Prism
Earlier this week, The United States Department of Agriculture had given multiple projections of agrarian yields and trade across the globe.
The report suggests that ‘India’s soybean oil imports are down 100,000 tons to 4.1 million, and palm oil imports have lowered 100,000 tons to 9.4 million on higher tariffs for select vegetable oils’. It has also stressed upon India’s soybean meal exports, those are up 100,000 tons to 1.8 million tonnes.
Projections For the Year 2017-18
Global oilseed production for the year 2017-18 has been forecasted higher this month to a record 579.0 million tonnes. Soybean production witnessed a boost this month as larger output for the United States and Bolivia more than offset reductions in Uruguay and Serbia. The report has made some interesting observations, for instance, cottonseed crop prospects are high for India, Brazil, and the United States. Sunflower seed production forecast is up for Argentina, Turkey, and the European Union and offsets reductions for Bolivia and Ukraine. The forecast for rapeseed production in Canada is lowered and more than offsets gains in Russia. Global soybean imports are up this month on gains for China and Thailand that exceed reductions for the European Union, South Africa, and South Korea. Exports are raised on larger projections for the United States. Global soybean stocks are down this month following the reductions in carrying supplies to Brazil. The U.S. season-average farm price for soybeans is down by USD 0.10 this month to USD 9.20 per bushel.
Major oilseeds world supply and distribution (MMT)
