Global production of the seven major oilseeds will be 490.9 million metric tons in the 2013/14 marketing year according to Oil World – 7% higher than previous season and 1.9 million tons more than previously estimated. Prices for soybeans are predicted to fall below rapeseed and sunflower seed with Oil World expecting prices for the oilseed delivered between January and June in Rotterdam to average $480 per tons compared to $515 for EU sunflowers and $500 per ton for rapeseed. Global soybean production will be 287.8 million tons, up from a previous estimate of 287.6 million tons with Brazil producing 89.5 million tons. Global inventories at the end of the 2013/14 season are estimated to be 79.2 million tons – up 26% from the previous year. Global production of sunflower seed for 2013/14 will be 41.6 million tons – 17% higher than the previous year and 1.4 million tons more than was previously forecast. Output from Russia and Ukraine combined will likely increase 27% from the previous year to 20.7 million tons, offsetting Argentina which is expected to see its smallest crop since 1987.
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