Global consumption is lowered this month. Ending stocks are revised down mostly on lower supplies in India. Imports are nearly unchanged as higher imports for Iran and Pakistan are mostly offset by lower imports for Bangladesh and Sri Lanka. Exports are up for Russia, Argentina, and Uzbekistan, but mostly offset by reductions to India. The U.S. season-average farm price is unchanged at $10.75 per bushel.
Grain industry continues to face logistical challenges
Global 2022/23 oilseed production is forecast at nearly 647 million tons, slightly lower compared to May, as reduced sunflower seed in Ukraine and rapeseed in the European Union more than offset gains for soybeans in Ukraine and Zambia and rapeseed in Australia. Oilseed exports are raised on Australia rapeseed and Ukraine soybeans which exceed a reduction for Argentina sunflower seed. Global vegetable oil trade is slightly lower on reductions for Ukraine sunflower seed oil exports which more than offset gains for Turkey sunflower seed oil and Canada rapeseed oil exports. Global protein meal exports are slightly lower this month following reduced sunflower seed production in Ukraine as well as lower rapeseed meal in India. Global oilseed stocks are up nearly 1 million tons primarily on larger Argentina soybean stocks. The projected U.S. season-average farm price for soybeans is up 30 cents to a record $14.70 per bushel
