USDA raised its forecast of oil production by 2.8 million tonnes
In its August report, the experts, the USDA increased the estimate of world production of oilseeds in 2017/18 MG in comparison with the previous balance of 2.8 million tonnes to 576.7 million tonnes, mainly due to the growth of soybean crop.
the Forecast for world soybean production in season 2017/18 increased by 2 million tonnes to 347,36 million tons, which is inferior to the previous season by 4.34 million tons.
For the U.S., the forecast of soybean production increased by 3.3 million tons to a record 119,23 million tonnes against 117,2 million tons of the 2016/17 season. At the same time reduced the estimate of soybean production for Canada and India.
Global soybean exports in 2017/18 MG increased from July to 149,6 million tons to 151.2 million tonnes, down from 144.9 million MT the previous season. For the U.S. forecast was increased from 58,5 to 60,5 million tons vs 58.5 mln t 2016/17 MG.
the Estimate for world ending stocks increased by 3.6 million tons to 36.7 million tonnes, 1.2 million tonnes will exceed the level of last season. Stocks increased for Argentina, Brazil, USA, China and the EU.
For Canada, the forecast of production of soybeans and canola reduced through adverse weather conditions.
Slightly increased estimates of production of sunflower seed in Russia and rapeseed in the EU.