ABARES Expects Global Oilseed Production To Increase 8% Year-on-year in 2022/23

A report released by the Australian Bureau of Agricultural Resources and Economic Sciences (ABARES) shows that global oilseed production in 2022/23 is expected to be 647 million tons, up 8% year-on-year, mainly due to a 13% year-on-year increase in global soybean production to 395 million tons.

The country with the largest increase in soybean production will be Brazil, as growing season conditions are favorable and support increased soybean production.

Global canola production in 2022/23 will also increase 13% year-over-year to 80 million tons, mainly due to a significant increase in canola production as Canada recovers from drought.