Situation and Outlook - December 2003
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global oilseed production fell to 344.9 million tons in December, down by 2.6
million tons, or 0.7 percent from last month’s estimate.
Soybean production fell by 2 million tons and sunflowerseed production
fell 525 thousand tons. Yield
changes led to an increase of 320 thousand tons in Canada’s rapeseed
production and a cut of 430 thousand tons in estimated Canadian soybean
production. Continued weather
problems in Argentina switched area into soybean production from sunflowerseeds,
peanuts, and other crops. The area
decline reduced projected Argentine sunflowerseed and peanut production by 400
and 85 thousand tons, respectievly. Argentine
2003/04 peanut production is now estimated at 215 thousand tons, down from 300
thousand tons last month, but only 5 thousand tons less than last year’s
estimated crop. Lower Argentine
soybean yields more than offset the increase in soybean area, leading to a fall
of 1.5 million tons in Argentine soybean production.
Turkish sunflowerseed production fell by 150 thousand tons due to high
temperatures. Peanut production in
Senegal was also reduced.
soybean exports rose by 400 thousand tons, partly offsetting reductions of 500,
and 100 thousand tons in Argentine and Canadian soybean exports, respectively.
Projected soybean imports by China remained at 22 million tons.
Argentine sunflowerseed exports fell by 160 thousand tons due to lower
production, and European imports were reduced by 200 thousand tons. Indian peanut and peanut meal exports rose.
The additional Canadian rapeseed production led to increases in projected
rapeseed imports by China and Japan. Total
projected global oilseed trade fell by 111 thousand tons to 78.5 million tons.
oilseed stocks are projected to be significantly tighter at the end of 2003/04
than they were at the end of 2002/03. Current
projections place 2003/04 ending stocks at 39.9 million tons, 2 million tons
lower than estimated 2002/03 ending stocks.
Last month the projected decrease in ending stocks was 689 thousand tons.
While projected 2003/04 ending stocks fell from last month’s levels,
estimated 2002/03 ending stocks rose due to lower than expected August and
September exports from Argentina.
is projected to import 3.1 million tons of palm oil in 2003/04, an increase of
400 thousand tons from last month, and the same amount as in 2002/03. Indian soybean oil imports fell by 200 thousand tons to
1.25 million tons. U.S. rapeseed
oil imports, production, and consumption also rose.
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/
December 4, 2003 | Indonesia | Palm Oil Update
December 3, 2003 | Canada | Peanut Sector Report
November 21, 2003 | Argentina | Oilseeds and Products Updates
November 19, 2003 | Russian Federation | Oilseeds and Products November Update
November 10, 2003 | Serbia and Montenegro | Soybeans and Products Update