Oilseed production is met with mixed expectations in 2022. Total soybean production is forecast to increase slightly due to higher planted area in marketing year (MY) 2022/23. However, the cancellation of federal commercialization support programs...
For marketing year (MY) 2022/23 Post projects a recovery in Argentine soybean planted acreage to 17 million hectares (HA) resulting in 51 million metric tons (MMT) of soybean production as farmers shift acreage out of cereal crops that require more fertilizer. MY 2022/23 sunflowerseed planted acreage is projected up at 2 million HA, with total production estimated at 4 MMT in response to high prices.
Post forecasts that Brazilian producers will expand soybean planted area at a slower pace, to 42.5 million hectares (ha) in 2022/23, up from the estimated 40.7 mn ha planted in the 2021/22 season. Post forecasts 2022/23 soybean production at 139 million metric tons (MMT), up from the estimated 124.8 MMT harvest this season, assuming return to normal weather conditions.
Canola ending stocks are forecast to close marketing year (MY) 2021/22 at just 15 percent of the five-year average, driven by reduced yield due to drought and strong global demand for oilseeds. Assuming a return to average yields, canola exports are forecast to nearly double in MY 2022/23, driven by strong global demand for oilseeds and a rebuilding of exportable supplies.
After more than three years of legislative effort, Costa Rica has legalized hemp production and commercialization as well as cannabis for medicinal and therapeutic purposes. The Government’s commitment to publish implementing regulations – including those related to import and export of value-added products – by May 8, appears unlikely to be reached.
Fishmeal exports reached a surprising 1.2 million metric tons (MMT) in MY 2021, the highest amount in ten years. However, production and exports are forecast to return to more normal levels at 910,000 and 896,000 metric tons, respectively.
Post lowered its 2021/22 forecast for soybean planted area to 40.4 million hectares (ha) and soybean production to 136 million metric tons (MMT). This season sowing began optimistically, with most soybeans planted on time compared to last year.
Despite initial favorable conditions, Argentine oilseed crops have faced warm and dry weather across most growing regions since mid-December. Rains are needed soon to forestall more significant yield reductions. Post reduces its projected Marketing Year (MY) 2021/22 soybean production to 46.5 million metric tons (MMT), 3 MMT below USDA Official.
Post lowers its MY 2021/22 projected planted area for soybeans to 17.0 million hectares. This reduction of 500,000 hectares will translate to total projected production of 49.7 million metric tons, 2.3 million metric tons below the USDA Official estimate.