The Hindu Business Line : USDA projects record global oilseeds output

GLOBAL oilseeds output for 2005-06 is projected 5.7 million tonnes (mt) higher than in the previous year and is likely to reach a new high of 384.9 mt, according to the latest assessment of the US Department of Agriculture (USDA).

The agency has projected global production of major vegetable oils at a new record of 114.3 mt (110 mt).

Thanks to better yields, soyabean crop prospects in the US have improved this season, although the estimated output of 80.7 mt (last month 77.7 mt) is below the peak 85 mt harvested in 2004-05.

While China's soyabean crop is marginally lower from last year at 17 mt, USDA believes Brazil's soyabean production would rebound to 60 mt from the weather and disease affected 51 mt of previous year.

For Argentina too, there is expectation of higher soyabean crop of 40.5 mt (39 mt) following expected acreage shift from grains. South American crop would be planted soon and be ready for harvest by late February next year.

The US season-average soyabean prices for 2005-06 are projected lower at $5 to $5.80, while meal prices too are projected $10 lower in the range of $155-185 per short tonne.

Soybean oil prices are likely to be strong in the 22-25 cents per pound range because of market expectation of increased biodiesel production.

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