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Global oilseed production is expected to reach a record level this season thanks to abundant soybean crops and increased palm kernel output, according to US Department of Agriculture (USDA) estimates cited by the German Union for the Promotion of Oil and Protein Plants (UFOP).
The increase in soybean and palm kernel production is expected to offset the projected decline in rapeseed output, according to a report issued on November 21.
According to the latest USDA estimates, total global oilseed production in the 2024–2025 season is expected to reach around 682.2 million tonnes, representing annual growth of just under 4%.
Global oilseed processing is also expected to reach a new record of 556.9 million tonnes, up 10.8 million tonnes from the previous marketing season.
Ending stocks are expected to reach 147.7 million tonnes, exceeding the previous year’s level by 16 million tonnes and surpassing the previous record of 134 million tonnes set in the 2018–2019 season.
Global oilseed trade is also expected to rise by 3.1 million tonnes to 207.4 million tonnes.
With production estimated at around 425.4 million tonnes, this season’s soybean crop is expected to set a record. Global palm kernel production is forecast to increase by nearly 4% year on year to 20.9 million tonnes.
By contrast, global rapeseed production is expected to fall by 3% to 87.2 million tonnes.
According to Agrarmarkt Informations-Gesellschaft, these forecasts are based on declines in key rapeseed-producing countries, particularly in the European Union.
The USDA’s oilseed production estimates also include peanut production of around 50.4 million tonnes, cottonseed production of around 42.1 million tonnes, copra at 5.8 million tonnes, and other oil crops, according to UFOP.