# USDA lowers 2022/23 global oilseed production forecast by 1M tonnes

> The USDA's December Oilseeds: World Markets and Trade report cut its 2022/23 global oilseed production forecast by 1 million tonnes to 644 million tonnes, citing reduced cottonseed, palm kernel, rapeseed and sunflowerseed crops. It raised the trade forecast on higher Ukrainian sunflowerseed exports. Global meal and oil output were also trimmed on lower Indonesian palm output and reduced EU and Ukrainian crushing.

- Date: 2022-12-20 · published 2022-12-20T12:00:00.000Z
- Category: report · region Global · magnitude low
- Page: https://feedsoft.ai/events/38366-usda-lowers-2022-23-global-oilseed-production-forecast-by-1m-tonnes
- Commodities: [Cottonseed Meal](https://feedsoft.ai/c/CSM.md), [Palm Oil](https://feedsoft.ai/c/PALMOIL.md), [Soybean Meal](https://feedsoft.ai/c/SBM.md), [Sunflower Meal](https://feedsoft.ai/c/SUNMEAL.md), [Canola Meal](https://feedsoft.ai/c/CANMEAL.md)

## Why it matters

A smaller world oilseed crop tightens supplies of meal and oil, which modestly supports prices for soybean meal, vegetable oils and rapeseed or sunflower meal used in feed. The USDA kept its US soybean farm price forecast unchanged at $14 per bushel, so the revision is a small supportive signal rather than a major shift.

## Read by commodity

- CSM: bullish ▲
- SBM: bullish ▲
- CANMEAL: bullish ▲
- PALMOIL: bullish ▲
- SUNMEAL: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| PALMOIL | 2020-07-22 | [Asian palm oil producers forecast lower output in 2020](https://feedsoft.ai/events/52037-asian-palm-oil-producers-forecast-lower-output-in-2020.md) | +0.3% | +9.5% |
| PALMOIL | 2025-02-13 | [BERNAMA - CPOPC Forecasts Modest 2025 Growth In Palm Oil Production](https://feedsoft.ai/events/26151-bernama-cpopc-forecasts-modest-2025-growth-in-palm-oil-production.md) | +1.4% | -0.3% |
| PALMOIL | 2024-02-07 | [W5 Palm Oil Update: Indonesia Forecasts 9.08% YoY Surge in Palm Oil Consumption in 2024, India to Bolster Domestic Oilseed Production](https://feedsoft.ai/events/15669-w5-palm-oil-update-indonesia-forecasts-9-08-yoy-surge-in-palm-oil-consumption.md) | +1.2% | +6.2% |
| PALMOIL | 2017-10-19 | [Mistry cuts palm oil production forecast, sees prices climbing](https://feedsoft.ai/events/68562-mistry-cuts-palm-oil-production-forecast-sees-prices-climbing.md) | +0.6% | +1.4% |
| PALMOIL | 2021-12-15 | [Palm oil falls 1% MoM on lower production, expected to improve in 2022 15.12.2021 - UkrAgroConsult](https://feedsoft.ai/events/15860-palm-oil-falls-1-mom-on-lower-production-expected-to-improve-in-2022-15-12-2021.md) | -1.1% | +8.2% |
| 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 | 2025-08-13 | [Global oilseeds production forecast lowered on multiple crop declines \| Feed & Grain](https://feedsoft.ai/events/23433-global-oilseeds-production-forecast-lowered-on-multiple-crop-declines-feed-and.md) | +3.1% | +4.2% |
| SBM | 2023-04-26 | [USDA forecasts strong global soyabean trade but lower meal and oil…](https://feedsoft.ai/events/36486-usda-forecasts-strong-global-soyabean-trade-but-lower-meal-and-oil.md) | -1.9% | -7.0% |

## Sources

- ukragroconsult.com: https://ukragroconsult.com/en/news/usda-lowers-2022-23-global-oilseed-production-forecast-by-1m-tonnes/
- ofimagazine.com: https://www.ofimagazine.com/news/usda-lowers-2022-23-global-oilseed-production-forecast-by-1m-tonnes
- tridge.com: https://www.tridge.com/news/usda-lowers-202223-global-oilseed-production-forec

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