# USDA experts have adjusted forecasts for world production of oils and meals

> The USDA's February report raised 2023/24 world vegetable oil production to about 222.85 million tonnes and lowered world meal output to 369.37 million tonnes. Rapeseed meal was raised, while soybean meal was cut to 257.76 million tonnes.

- Date: 2024-03-12 · published 2024-03-12T12:00:00.000Z
- Category: report · region Global · magnitude low
- Page: https://feedsoft.ai/events/31302-usda-experts-have-adjusted-forecasts-for-world-production-of-oils-and-meals
- Commodities: [Soybean Meal](https://feedsoft.ai/c/SBM.md), [Canola Meal](https://feedsoft.ai/c/CANMEAL.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md)

## Why it matters

A lower soybean meal forecast tightens global protein meal supply, which supports soymeal prices for feed buyers, while higher rapeseed output offsets part of the decline.

## Read by commodity

- SBM: bullish ▲
- SBO: neutral
- CANMEAL: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SBM | 2019-06-12 | [USDA forecast for world soybean meal production reduced — Latifundist.com](https://feedsoft.ai/events/58656-usda-forecast-for-world-soybean-meal-production-reduced-latifundist-com.md) | +2.4% | -1.7% |
| SBM | 2019-11-11 | [USDA Forecasts Production Declines for Minnesota \| Red River Farm Network](https://feedsoft.ai/events/55892-usda-forecasts-production-declines-for-minnesota-red-river-farm-network.md) | +0.7% | -2.7% |
| SBM | 2023-03-20 | [USDA lowers global oilseed production forecast due to plunging…](https://feedsoft.ai/events/36974-usda-lowers-global-oilseed-production-forecast-due-to-plunging.md) | -4.3% | -1.0% |
| SBM | 2022-12-20 | [USDA lowers 2022/23 global oilseed production forecast by 1M tonnes](https://feedsoft.ai/events/38366-usda-lowers-2022-23-global-oilseed-production-forecast-by-1m-tonnes.md) | +0.5% | +7.4% |
| SBM | 2020-05-13 | [USDA Projects Rise in World Oilseed Production, Expects Higher Consumption, Reduces Ending Stock Estimates](https://feedsoft.ai/events/53251-usda-projects-rise-in-world-oilseed-production-expects-higher-consumption.md) | -1.4% | +0.1% |
| SBO | 2019-06-12 | [USDA forecast for world soybean meal production reduced — Latifundist.com](https://feedsoft.ai/events/58656-usda-forecast-for-world-soybean-meal-production-reduced-latifundist-com.md) | +4.1% | +2.8% |
| SBO | 2024-04-12 | [USDA increased the estimate of world production of vegetable oils](https://feedsoft.ai/events/30861-usda-increased-the-estimate-of-world-production-of-vegetable-oils.md) | -4.6% | -7.0% |
| SBO | 2026-05-14 | [USDA forecasts sharp growth in global oilseed production in MY 2026/27 - AgriInsite](https://feedsoft.ai/events/19371-usda-forecasts-sharp-growth-in-global-oilseed-production-in-my-2026-27.md) | +0.7% | -1.0% |

## Sources

- ukragroconsult.com: https://ukragroconsult.com/en/news/usda-experts-have-adjusted-forecasts-for-world-production-of-oils-and-meals/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.