The global production of important oil crops – Soybean and Rapeseeds – could rise to new record levels in June 2022/23 – 385,1 million tons and 72,8 million tons, respectively, according to a forecast by analysts at Oil World.
In particular, analysts forecast an increase in global soybean production of 2022 million tons in 23/34 compared to the current season, with favorable weather conditions in the main oil-producing countries. So will in the USA the gross soybean crop to 125,7 million tons (+ 5 million tons per year), in Brazil to 144 million tons (+ 18), in Argentina to 45 million tons (+ 3,2), in Paraguay to 10 million tons ( + 6) and forecast for China at 18,2 million tons (+ 1,8).
In addition, analysts are forecasting an increase in global soybean processing to 2022 million tonnes by 23/323,8 compared to 318,26 million tonnes in 2021/22.
Closing stocks of soybeans could increase by 12,3 million tons to 98 million tons in the upcoming marketing year.
World production of rapeseed in 2022/23 could increase at the expense of crop renewal in Canada's Mount of Olives up to 19,6 million tonnes, compared with 12,6 million tonnes in 2021/22, as well as increasing gross collection in the EU to 18,62 ( 17,39) million tons. However, in Australia the harvest may decrease to 6,5 (7) million tons, in India - 10,1 (10,3) million tons, in Ukraine - 2,6 (3,13) million tons.
Global rapeseed processing may increase to 68,1 million tonnes in the coming season versus 64 million tonnes in the current marketing year and stocks to 7,55 (5,33) million tonnes.