USDA: Braz soybean crop down, Arg soybean crop up
USDA -- Global oilseed production for 2008/09 is projected at 416.1 million tons, down 1.2 million tons from last month, but still record high. Soybean production for Brazil is reduced 1.5 million tons to 62.5 million tons due to lower area projections reflecting sharply lower soybean futures prices. Argentina soybean production is raised 1.5 million tons due to a record 49.5 million tons on higher area. Projected area is raised partly due to the impact of dry weather on winter wheat planting in the main soybean producing areas. India soybean production is projected at 9.1 million tons, up 0.4 million based on higher area. Planted area reported through late July indicates higher-than-expected soybean plantings this year. Ukraine rapeseed production is raised 0.4 million tons to 2.8 million based on higher yields reported during harvest. Global sunflowerseed production is projected higher due to increased harvested area for Argentina, Russia, and Ukraine.
