Situation and Outlook - November 2003
Return to Oilseeds Table of Contents Page
oilseed production is projected at 347.5 million tons this month, an increase of
about 800 thousand tons from October’s projections.
Increases in soybean, peanut, and rapeseed production were partly offset
by lower projected cottonseed and sunflowerseed production.
Dry conditions in Argentina shifted projected crop area into soybeans
from sunflower and corn production, and increased forecasted Argentine soybean
production by one million tons, to a total of 38 million.
Projected U.S. soybean production fell by 450 thousand tons, while good
weather in India boosted the projected 2003/04 soybean harvest by 400 thousand
tons. Projected soybean production
also rose by 250 thousand tons in Paraguay and 135 thousand tons in Ukraine.
Peanut production in China and rapeseed production in India also rose by
600 and 300 thousand tons, respectively. The
941 thousand ton reduction in global cottonseed production was mostly due to a
1.2 million ton fall in Chinese production. Projected Brazilian and U.S.
cottonseed production rose while projected Pakistani cottonseed production fell. Sunseed production fell by 500 thousand tons in Argentina,
due to the dry conditions, and declined by 200 and 100 thousand tons in Ukraine
and Romania, respectively.
soybean exports are expected to reach 67.2 million tons in 2003/04, an increase
of 824 thousand tons from October. Unexpectedly
strong U.S. exports, and additional soybean supplies in Argentina, lead to a
slight reduction in projected Brazilian soybean exports. China’s 2003/04 soybean imports were increased to 22
million tons from 20.5 last month supported by the increase of 1.1 million tons
in estimated 2002/03 Chinese soybean imports.
Projected Mexican soybean imports for 2003/04 were cut by 400 thousand
tons to 4.4 million due to reduced U.S. supply and weaker than expected 2002/03
soymeal imports are projected at 200 thousand tons, up from 25 thousand in
2002/03, reflecting shipments from India. Crush
and soybean meal production forecasts for India, Argentina, and China rose,
along with meal export projections for Argentina and India.
U.S. soybean meal exports fell by 452 thousand tons as strong soybean
exports reduce supplies for crushing in the U.S.
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/
October 24, 2003 | Spain | Oilseeds and Products Update
October 24, 2003 | India | GOI Notifies Changes in Edible Oil Tariff Values
November 5, 2003 | Germany | Crop Estimate Update for Rapeseed and Sunflower
November 5, 2003 | India | Oilseeds and Products November Updates
November 4, 2003 | India | GOI Notifies Changes in Edible Oil Tariff Values
November 3, 2003 | Brazil | Soybeans and Products Update