USDA raises world 2017-18 oilseed output estimate to 578.8 mln tn.

The US Department of Agriculture has raised its estimate for global oilseed output in 2017-18 to 578.82 mln tn from 576.99 mln tn projected in October. The department has raised its forecast for global soybean output to 348.89 mln tn, up by 101,000 tn from the previous month forecast. The agency has estimated Brazil soybean output at 108 mln tn, up by 1 mln tn, due to a rise in area under the crop in the hrowing areas Parana and Rio Grande do Sul. Soybean production in the US, one of the major growers of the oilseed, however, is seen slightly lower at 120.44 mln tn, against the October forecast of 120.58 mln tn.