Oilseeds

Post forecasts Uruguay’s marketing year (MY) 2024/25 soybean up to 3.4 million metric tons (MMT) on increased soy acreage planting, driven by increased acreage in second or late crop soy due to producers fears of another dry year of La Niña weather pattern and potential disease threat to corn, preferring soy over corn.

Due to higher input costs associated with planting corn, rice, and other crops, soybean and peanut production is expected to increase in marketing year (MY) 2024/25. Private sector investors are expanding oil palm production and increasing processing capacity to take advantage of strong demand and high prices.

MY 2023/24 saw rather disappointing yields for the UK rapeseed oilseed crop overall. In MY 2024/25 rapeseed production is forecast even lower at 900 thousand metric tons (MT) due to a combination of poor growing conditions, a sharp fall in the price of rapeseed, pest pressure and the increased attractiveness of agri-environment options.

Private exporters reported the following sales activity: 216,500 MT of corn to Mexico - 23,000 MT in MY 2023/2024 and 193,500 MT in MY 2024/2025 - and 121,500 MT of soybeans to Mexico - 13,500 MT in MY 2023/2024 and 108,000 MT in MY 2024/2025. Test URL: https://www.freshproduce.com/events/the-global-produce-and-floral-show/

Private exporters reported sales of 138,000 MT of soybean cake and meal for delivery to the Philippines during MY 2023/2024.

Private exporters reported sales of 124,000 MT of soybeans for delivery to unknown destinations during MY 2023/2024.