USDA increased the forecast of oil-bearing crop production up to 1,8 million tons

12.12.2014, 17:08

United States Department of Agriculture (USDA) has published updated oil-bearing crops forecast of the season 2014/15.

According to new report, world output of oil – bearing crops in 2014/15 amounts to the record - breaking 530,7 million tons which is 1,8 million tons higher compared to November forecast. World output of soybeans is forecasted at the record – breaking level 312,8 million tons, mainly due to the increase of crops in Canada, Ukraine and Paraguay.

The forecast of rapeseed output amounted to 71,9 million tons which is also record index. International trade oil – bearing crops forecast in the current season has been increased by 0,8 million tons up to 135,3 million tons. Soybean export makes up main part of these changes due to the increase of deliveries from USA, Paraguay, Ukraine and Canada.

Closing stocks of oil – bearing crops are forecasted at the level of 104,1 million tons which is 1,1 million tons higher than November report and 23,5 million tons higher than last year index.

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