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Situation and Outlook - July 2003
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Foreign Developments
World
oilseed production in 2003/04 is expected to reach a record 352.1 million tons,
24.4 million tons higher than in 2002/03. Much
of the growth is in South American soybean production, although China, India and
the United States are also expected to post significant soybean production
increases. U.S. soybean production
is projected at 78.5 million tons in 2003/04, up 6 percent from last year.
Gains in oilseed production in 2003/04 are also expected for cottonseed
up 3.2 million tons, peanuts up 1.9 million tons, sunflowerseed up 2.2 million
tons, and rapeseed up 4.8 million tons.
World
oilseed exports are projected at 74.4 million tons in 2003/04, a 3-percent
increase over 2002/03. Soybean
exports are expected to reach 63.8 million tons.
U.S. exports are projected at 26.9 million tons, down 4 percent from last
year. Brazil, Argentina and
Paraguay are expected to make up for declining U.S. shipments with increases in
soybean exports of 5 percent, 6 percent and 8 percent, respectively. China, the largest importer of soybeans in the world,
is expected to import 18.5 million tons in 2003/04, compared to 18.2 million
tons in 2002/03. Other markets showing increases for 2003/04 include the EU,
Mexico, Korea, and the Middle East/North Africa region. Ending stocks of soybeans in the U.S. are expected to reach
7.1 million tons, a 68-percent increase over 2002/03.
World
rapeseed exports are projected to increase 16 percent with Canada accounting for
most of the increase. Exports by
Eastern Europe and the EU are expected to decline in 2003/04 in response to
lower production. World sunflowerseed exports are projected to increase by 23
percent in 2003/04, as crop size in major producing countries improves.
World
oilseed meal exports are projected to increase 7 percent in 2003/04 to 59.6
million tons. Brazil and Argentina are expected to increase their exports of
soybean meal by 9 and 4 percent, respectively.
Soybean meal exports from the U.S. are expected to remain constant at 5.4
million tons. World trade in
sunflowerseed meal is expected to reach 2.2 million tons, representing an
increase of 11 percent, with the majority of the increase coming from Argentina
and Eastern Europe.
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/
June 16, 2003 | Denmark | Oilseeds and Products Annual
June 18, 2003 | Israel | Oilseeds and Products Annual
Jun 23, 2003 | Zimbabwe | Oilseeds and Products Annual
Jun 27, 2003 | Argentina | Oilseeds and Products Annual
Jul 2, 2003 | Russian Federation | Oilseeds and Products Annual