Oil World has increased its forecast for global production of seven major oilseeds including soybeans, rapeseed, and sunflower seeds. Total combined global oilseed production will reach a new record of 507.2 million tons – 18.1 million tons higher than the record harvest achieved last year and 2.2 million ton higher than Oil World’s estimate of five weeks ago. This will make for the third consecutive year where global production has outpaced consumption with expected stockpiles at the end of the 2014/15 season of 99.6 million tons – 18.6% higher than at the end of the year before. Total global soybean production is forecast at 306.7 million tons – up from 284.6 million tons last year. Of this total the U.S. will account for 103.85 million tons after an expected bumper crop. Global production of rapeseed and canola will decrease slightly to 68.7 million tons from 69.7 million tons as output from Canada will fall 20% to 14.4 million tons. However, EU production will reach a record 23.54 million tons – up from 21.25 million tons as Germany, France, Poland, and the UK will all see increased harvests. Global sunflower seed production will likely reach 41.59 million tons – 2.1% lower than the previous season, but 1.2 million tons above previous estimates. Output from Russia and Ukraine, the world’s top two exporters, will reach 20.7 million tons – approaching the record 21.05 million tons of 2013/14.
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