Mumbai: World production of major oilseed is projected at 399 million tonnes (mt) for 2007-08, down 3.8 mt from 2006-07. If realised, it will be the first year-to-year fell in global major oilseed production since 1995-96, US Department of Agriculture (USDA) said in its latest world agricultural supply and demand estimate for next season. Soyabean production in the US, world's largest producer, will be down sharply due to smaller planted area (shifted to corn). Rapidly expanding production of bio-diesel from Soyabean oil is contributing to a projected 6 per cent increase in domestic soya oil disappearance.
Bio-diesel production is projected to use 19 per cent of total soya oil output for 2007-08 as compared with 13 per cent in 2006-07. The US season-average Soyabean price for 200708 is projected at $6.50 to $7.50 per bushel, compared with $6.30 per bushel in 2006/07. US prices are hoped to remain firm due to relatively strong corn and soyabean oil prices. Soyabean meal prices are forecast at $185 to $215 per short tonne, compared with $195 per tonne for 2006/07.
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