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Situation and Outlook - March 2002
World oilseed production for 2001/02 is projected to reach a record 324.7 million tons, up 875,000 tons from previous month and 11.7 million tons from 2000/01. Brazil’s soybean production forecast was increased 1.0 million tons to a record 43.5 million tons based on an increase in planted area. This more than offsets a 380,000-ton reduction in China’s rapeseed production to 11.3 million tons.
World oilseed exports were increased 122,000 tons to a record 72.1 million tons. An increase in soybean exports, up 235,000 tons to 59.1 million tons more than offset lower sunflowerseed exports this month. Oilseed exports were increased for Brazil in response to the increased production forecast. Oilseed imports for 2001/02 were increased 765,000 tons with increased soybean and rapeseed imports.
The EU soybean import forecast for 2001/02 was increased 811,000 tons based on year to date trade figures. Canada’s soybean import forecast was increased 100,000 tons this month to 1.0 million tons. China’s soybean import forecast was reduced for the second month in a row to 13.0 million tons. Delays resulting from new import regulations led to the decline.
The world oilseed crush forecast for 2001/02 is increased 1.3 million tons this month to 266.8 million tons. Soybean crush, up 1.4 million tons to 158.5 million tons led the way, offset by lower rapeseed crush in China. Strong demand for soybean meal and oil in the United States helped boost the crush forecast 136,000 tons to a record 45.9 million tons. Crush forecasts were also increased for Brazil, the EU , and Canada based on larger soybean supplies.
World soybean ending stocks were reduced 49,000 tons this month. Forecast soybean ending stocks in the United States were reduced 128,000 tons to 7.2 million tons in response to the stronger crush. Brazil’s ending stocks (Oct-Sep basis) were increased 600,000 tons to 7.9 million tons this month reflecting the higher production level. Brazil’s local marketing year ending stocks, (ending Jan 2003) were increased 100,000 tons to 800,000 tons.
World protein meal production is increased 825,000 tons to 184.5 million tons. Increased soybean meal production, up 1.0 million tons to 125.7 million tons accounted for most of the increase, partially offset by reduced rapeseed meal production. Soybean meal trade was also increased this month with increased imports for the EU and the Middle East.
The March world vegetable oil production forecast for 2001/02 was raised in response to increased soybean crush. Total vegetable oil production rose 246,000 tons to 91.1 million tons with soybean oil production increasing 246,000 tons to 28.7 million tons. Forecast rapeseed oil production was reduced this month in response to reduced rapeseed output in China. Vegetable oil exports are forecast to reach 35.7 million tons in 2001/02, up 104,000 tons from the February forecast.
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Foreign Developments
For additional information pertaining to the summary above and other noteworthy developments within the oilseeds complex see the reports below. All reports are in Adobe Acrobat format (.pdf) unless otherwise noted. These reports, along with others, may also be obtained in both Adobe Acrobat (.pdf) and WordPerfect format (.wpd) by going directly to the Attaché Report section of the FAS homepage at http://www.fas.usda.gov/
Feb 28 2002 | India | Veg Oil Imports Slide
Feb 28 2002 | Korea | Oilseeds and Products Annual
Mar 6 2002 | Argentina | Oilseeds and Products: Monthly Update for March Lockup
Feb 8 2002 | Spain | Oilseeds and Products: Imports and Exports
Feb 12 2002 | Algeria | Oilseeds and Products Annual
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