Global oilseed production in the 2023/24 season is expected to increase 7%, according to the latest Global Oilseed Report, compiled and released by the US Department of Agriculture (USDA). Global production was expected to reach 672 million tons. According to the report, the expectation of a bigger crop came on the back of an increase in soya bean production in South America, in addition to an increase in sunflower seed production in the EU, Ukraine and Russia.
The report added that canola production is likely to remain unchanged as growth in production in the EU, Canada and China were offset by a decline
