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Situation and Outlook - April 2003
Global oilseed exports for
2002/03 are projected at a record 74.8 million tons, up 491,000 tons over last
month’s estimate mainly due to a 454,000-ton increase in soybean exports.
Global trade of protein meal is estimated at 63.3 million tons, 426,000
tons higher than last month due to increases in exports of rapeseed meal,
sunflowerseed meal, and fishmeal. Vegetable
oil exports remained constant this month at 38.9 million tons.
The changes to trade in the
soy complex are a result of refined export projections for all three major
soybean exporters. Projections for
both Brazil’s and Argentina’s exports are reduced this month a combined
500,000 tons. Still, total 2002/03
soybean exports from the two South American giants is projected at a combined 30
million tons, nearly 3 million tons higher than projected U.S. soybean exports.
The U.S. soybean export projection of 27.1 million tons is 952,000 tons
higher than last month’s projection, although still lower than last year’s
record exports of 28.9 million tons. The
U.S. export figure was raised this month for two reasons: 1) to adjust for
discrepancies between data collected by the Federal Grain Inspection Service and
the U.S. Bureau of the Census, and 2) to reflect continued strong exports to
China. With the prime U.S. shipping
season coming to a close, the U.S. Export Sales Report accounts for over
7 million tons of U.S. soybeans exported to China.
To reflect this record volume of exports and in anticipation of similar
record volumes from Brazil and Argentina, China’s soybean import projection
was raised this month to 16.5 million tons.
China’s previous soybean import record volume was 13.2 million tons,
achieved in 2000/01.
Other changes this month
include a 160,000-ton decrease in Poland’s projected rapeseed exports and a
70,000-ton increase in the country’s rapeseed meal exports, due to increased
domestic crushing. Increases in
exports of Ukrainian sunflowerseed meal and sunflowerseed oil, 100,000 tons and
60,000 tons respectively, are due to improved extraction rates and lower
domestic consumption. Finally,
a 150,000-ton increase in Peru’s fishmeal exports is offset by an increase in
China’s fishmeal imports. There
were no major changes to the palm oil complex this month.
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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/
Apr 4, 2003 India, Oilseeds and Products Update
Apr. 4, 2003 Malaysia, Oilseeds and Products Update
Apr 3, 2003 Pakistan, Oilseeds and Products Annual
Apr 3, 2003 Poland, Oilseeds and Products Annual
Apr 1, 2003 Bosnia-Hercegovina Oilseeds and Products Market Update
Mar 28, 2003 Austria, Oilseeds and Products Annual
Mar 26, 2003 | China, People's Republic of | Oilseeds and Products Annual Part 1 of 2
Mar 26, 2003 | China, People's Republic of | Oilseeds and Products Annual Part 2 of 2
Mar 21, 2003 | Malaysia | Oilseeds and Products Annual