Market Outlook

See the latest Soybeans & Oil Crops Outlook report.

Ending Stocks Raised on Lower Exports

The 2023/24 U.S. soybean ending stocks estimate is raised to 340 million bushels on lower soybean
exports. The soybean export forecast is reduced to 1.7 billion bushels on reduced soybean
commitments and strong competition from South America. Internationally, global sunflowerseed and
rapeseed crush for marketing year (MY) 2023/24 are increased to record highs. Global sunflowerseed
oil trade is raised on higher imports from India, Egypt, and the European Union (EU) as sunflowerseed
oil prices have been very competitive, compared with other vegetable oils. Projections for the rapeseed
crush in Canada and the United States are raised to record highs on the strong demand for rapeseed
oil from the biofuel industry. Global four major vegetable oils ending stocks for MY 2023/24 are
increased this month by 0.3 million metric tons to 28.4 million metric tons.

Stacked bar chart of global major vegetable oil stocks which include Palm, Rapeseed, Soybean, and Sunflower oil from 2015/16 to 2023/24

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