USDA’s Acreage report indicated that farmers would plant a record 77.7 million acres of soybeans this year. On account of a higher estimate of harvested area, soybean production for 2013/14 is forecast up 30 million bushels this month to 3.42 billion. The additional supplies are expected to boost season-ending stocks to 295 million bushels compared to last month’s forecast of 265 million.
USDA projects world rapeseed production for 2013/14 at a record 64.8 million metric tons. In Canada, this year’s production of canola is forecast at a record 15 million tons, based on an upward revision for area. Likewise, a higher area estimate raised the forecast of Australia’s canola production by 400,000 tons this month to 3.2 million. Yet, lower exportable supplies from Australia and Canada and steady competition with European crushers for imports will likely constrain China’s rapeseed trade in 2013/14 to 2.5 million tons. USDA
Download Economic Research Service Oil Crops Situation and Outlook Report OCS-13g Released July 15, 2013 from the link below (PDF)
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