World Oilseeds Outlook
- Oilseeds area harvested increased by more than 6 mha during 1998/99 to 138.8 mha. Projections indicate continued expansion, with 147.4 mha harvested in 2008/09.
- World soybean area increased by 2.04 percent in 1998/99 over the previous year to a record 70.6 mha. Total area is projected at 75.4 mha by 2008/09.
- Current year soybean prices are down by 16.8 percent compared to last year and by 26.3 percent compared to two years ago. Soy meal prices hit hard, falling 46.7 percent compared to 1996/97.
- Soy oil demand remained strong this year in the wake of high palm oil prices due to production shortfalls and export restrictions in Malaysia and Indonesia. Leading importers plan to substitute soy oil for palm oil.
- The United States is expected to retain a 66-67 percent share in world soybean exports over the projection years, along with 19 percent share in world meal exports and 21 percent share in world soy oil exports.
- Record meal demand from European Union in 1998/99 -- an increase of about 1 mmt over the previous year. Projections indicate an overall increase of more than 10 percent in E.U. soybean imports over the next decade.