U.S. Soybeans Facing Stiff Competition from Brazil. Brazil Soybean Export Price (Dollars and Reals) and Exchange Rate

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1 United States Department of Agriculture Foreign Agricultural Service June, 2018 U.S. Soybeans Facing Stiff Competition from Brazil Brazil Soybean Export Price (Dollars and Reals) and Exchange Rate FOB Export Price per MT (Real & Dollars) Jan 00 Jan 02 Jan 04 Jan 06 Jan 08 Jan 10 Jan 12 Jan 14 Jan 16 Jan Real/Dollar Dollar Real Exchange Rate Another record Brazilian soybean crop, currently estimated at 119 million tons, will provide ample supplies for export in Adding to the competitive pressure is the recent weakening of the real relative to the dollar as political and economic uncertainty has helped drive it to near 3.8 to the dollar. This is nearly 20 percent below the level in January 2018 and approaching the near-term record low of 4.04 observed in January With elections in Brazil scheduled for October, the same forces pushing the real lower today are likely to persist through at least the U.S. harvest if not through the latter half of Weak currencies generally augment pricing power in the market providing producers more flexibility to undercut competitor prices and to increase sales. While the recent decline in the real adds to this pricing power, it is an issue that has dogged U.S. producers since the early part of this decade. While average Brazilian export prices, in dollars, have declined roughly 20 percent since 2011, prices in reals have nearly doubled from 800 to over 1,500 reals per metric ton. These high prices and market power have helped Brazil sell out most of each year s crop over the past 5 years. While short crops and strong global demand in the early part of the decade helped all exporters draw down stocks, the large crops of the past few years have led to stock building, much of it occurring in the United States. Approved by the World Agricultural Outlook Board/USDA

2 Beginning Stocks as a Percent of Supply United States Brazil 10% 11% 6% 4% 4% 5% 4% 8% 6% 5% 4% 2% 1% 1% 1% 5% 4% 1% 2% 6% 2% 2% 2008/ / / / / / / / /17 Since 2014/15 when stocks in both Brazil and the United States reached minimum levels, Brazilian stocks have remained relatively unchanged while stocks in the United States, as a percent of supplies, are projected to rise to 11 percent in the coming year. The high prices in reals have provided Brazilian producers the flexibility to undercut U.S. prices and have encouraged continued acreage expansion, all factors contributing to Brazil s rising global market share. As long as U.S. producers continue to battle against a weak real, this trend will likely continue. Despite the prospect of Brazil clearing out the 2018 crop this year, limited yearover-year growth in Brazil s soybean production, rising global demand, and smaller supplies in Argentina and Uruguay following this year s drought should sharply curtail exportable supplies in the latter half of Despite a weak real, this should reduce competition in the global soybean market, boosting U.S. exports in. Foreign Agricultural Service/USDA 2 June 2018

3 China: a New Player on the Sunflowerseed Meal Market Historically, global sunflowerseed meal consumption has been dominated by the leading sunflowerseed producers and processors, such as the European Union, Russia, Ukraine, and Turkey. However, other countries have recently emerged as growing users. In, China became a significant sunflowerseed meal importer after its Ministry of Agriculture and AQSIQ* signed sanitary and phytosanitary protocols and requirements for sunflowerseed meal imports from Ukraine. In, China is forecast to import 150,000 tons of sunflowerseed meal and this is likely to continue into the marketing year, as China s demand for protein feedstuffs continues to grow. In, global sunflowerseed meal imports are projected to grow to 7.6 million tons, on strong demand in the European Union, but also driven by continuing demand in emerging markets such as India, Pakistan, and China. Many countries view sunflowerseed meal as a very nutritious animal feed, often preferred over soybean meal due to its non-biotech origin. However, due to limited production and constraints to expansion, the sunflowerseed meal market is likely to remain considerably smaller than rapeseed meal and soybean meal. *General Administration of Quality Supervision, Inspection, and Quarantine Million Tons Million Tons Million Tons Global Sunflowerseed Meal Consumption Continues to Grow 2010/ / / / / / /17 Emerging Sunflowerseed Meal Importers Egypt EU FSU Turkey Argentina ROW Pakistan China Saudi Arabia India Morocco Global Sunflowerseed Meal Up Driven by the EU ROW Israel Belarus Turkey EU Foreign Agricultural Service/USDA 3 June 2018

4 OVERVIEW Global oilseed production is forecast slightly higher this month at million tons. Soybean production is projected up at million tons as gains in Brazil more than offset reductions for Ukraine. The rapeseed crop forecast is lowered this month as reductions in the European Union exceed gains for Russia. Sunflowerseed production in Argentina is projected higher while the cottonseed forecast for China is lowered. Soybean imports are down marginally this month, driven by a reduction for Brazil. Exports are raised slightly on projected growth in Brazil s exportable supplies. Global stocks are up this month on larger supplies in Brazil which more than offset reductions for Argentina. The U.S. season-average farm price for soybeans is projected unchanged at $10.00 per bushel. Global oilseed production is unchanged this month at million tons. A larger soybean production estimate for Brazil fully offsets a reduction for Argentina. Global soybean imports are up this month on larger shipments to Argentina. Exports are up on gains for Brazil, Russia, and Ukraine which more than offset a lower forecast for Argentina. Global soybean ending stocks are raised significantly this month, primarily reflecting the larger harvest in Brazil. The U.S. seasonaverage farm price for soybeans is up 5 cents to $9.40 per bushel. SOYBEAN PRICES U.S. export bids in May, FOB Gulf, averaged $406/ton, down $11 from April. In comparison, FOB Brazil Paranagua averaged $406/ton, down $24/ton from last month. FOB Argentina Up River averaged $415/ton, down $6 from last month. Prices have fallen in response to a weakening in the Brazilian real, rising soybean supplies in South America, and good crop prospects in the United States. FOB ($/MT) For the week ending May 31, U.S. soybean export commitments (outstanding sales plus accumulated exports) to China totaled 28.7 million tons compared to 35.9 U.S. Gulf Brazil Paranagua Argentina Up River million a year ago. Total commitments to the world are 55.6 million tons, compared to 58.6 million for the same period last year May-17 Jun-17 Jul-17 Soybean Export Prices Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Foreign Agricultural Service/USDA 4 June 2018

5 OUTLOOK CHANGES Country Commodity Attribute Previous Current Change Reason Argentina Soybean Oil Exports 5,100 5, Australia Rapeseed Oilseed Exports 3,000 3, Brazil Soybean Oilseed Greater exportable supplies and limited biodiesel growth with higher export tax Larger exportable supplies on higher carryin stocks Larger domestic supplies reduces incentive for imports Brazil Soybean Oilseed Exports 72,300 72, Greater crop prospects India Soybean Oil 3,550 3, Larger supplies available in Argentina European Union Rapeseed Oilseed Exports 4, , Lower domestic production forecast Russia Rapeseed Oilseed Exports Greater exportable supplies Ukraine Soybean Oilseed Exports 3,000 2, Smaller supplies on smaller crop projection Note: All figures are in thousand metric tons. OUTLOOK CHANGES Country Commodity Attribute Previous Current Change Reason United States Soybean Meal Exports 11,521 11, Strong pace of crush and trade to date Argentina Soybean Meal Exports 29,000 28, Smaller crop, lower crush Argentina Soybean Oilseed 3,100 3, Stronger pace of trade Argentina Soybean Oilseed Exports 4,200 3, Lower exportable Brazil Soybean Oilseed Exports 73,300 74,650 1,350 Greater exportable supplies Russia Soybean Oilseeds Exports Stronger pace of trade Ukraine Soybean Oilseed Exports 2,600 2, Stronger pace of trade United States Palm Oil 1,545 1, Stronger pace of trade Note: All figures are in thousand metric tons. Foreign Agricultural Service/USDA 5 June 2018

6 Questions may be directed to: Bill George (202) Agata Kingsbury (202) Christine Mumma (202) To download the tables in the publication, go to the Production, Supply and Distribution Database (PSD Online): ( scroll down to Reports, and click the plus sign [+] next to Oilseeds. The Foreign Agricultural Service (FAS) updates its production, supply and distribution (PSD) database for cotton, oilseeds, and grains at 12:00 p.m. on the day the World Agricultural Supply and Demand Estimates (WASDE) report is released. This circular is released by 12:15 p.m. FAS Reports and Databases: Current World Markets and Trade and World Agricultural Production Reports: Archives World Markets and Trade and World Agricultural Production Reports: Production, Supply and Distribution Database (PSD Online): Global Agricultural Trade System (U.S. Exports and ): Export Sales Report: Global Agricultural Information Network (Agricultural Attaché Reports): Other USDA Reports: World Agricultural Supply and Demand Estimates (WASDE): Economic Research Service: National Agricultural Statistics Service: Foreign Agricultural Service/USDA 6 June 2018

7 List of Tables SUMMARY TABLES Table 01 Major Oilseeds: World Supply and Distribution (Commodity View) Table 02 Major Protein Meals: World Supply and Distribution (Commodity View) Table 03 Major Vegetable Oils: World Supply and Distribution (Commodity View) Table 04 Major Oilseeds: World Supply and Distribution (Country View) Table 05 Major Protein Meals: World Supply and Distribution (Country View) Table 06 Major Vegetable Oils: World Supply and Distribution (Country View) COMMODITY TABLES Table 07 Soybeans: World Supply and Distribution Table 08 Soybean Meal: World Supply and Distribution Table 09 Soybean Oil: World Supply and Distribution Table 10 Soybeans and Products: World Trade Table 11 Palm Oil: World Supply and Distribution Table 12 Rapeseed and Products: World Supply and Distribution Table 13 Sunflowerseed and Products: World Supply and Distribution Table 14 Minor Vegetable Oils: World Supply and Distribution HISTORICAL TABLES Table 15 World Oilseeds and Products Supply and Distribution Table 16 World Soybeans and Products Supply and Distribution Table 17 World Rapeseed and Products Supply and Distribution Table 18 World Sunflowerseed and Products Supply and Distribution Table 19 World Palm Oil, Coconut Oil, and Fish Meal Supply and Distribution COUNTRY TABLES Table 20 United States Oilseeds and Products Supply and Distribution Local Marketing Years Table 21 United States Soybeans and Products Supply and Distribution Local Marketing Years Table 22 Brazil Soybeans and Products Supply and Distribution Local Marketing Years Table 23 Argentina Soybeans and Products Supply and Distribution Local Marketing Years Table 24 South East Asia Oilseeds and Products Supply and Distribution Table 25 Middle East Oilseeds and Products Supply and Distribution Table 26 European Union Oilseeds and Products Supply and Distribution Table 27 China Oilseeds and Products Supply and Distribution Table 28 India Oilseeds and Products Supply and Distribution PRICES Table 29 Table 30 Table 31 Oilseed Prices Protein Meal Prices Vegetable Oil Prices Foreign Agricultural Service/USDA 7 June 2018

8 Table 01: Major Oilseeds: World Supply and Distribution (Commodity View) Million Metric Tons 2014/ / /17 May Jun Production Oilseed, Copra Oilseed, Cottonseed Oilseed, Palm Kernel Oilseed, Peanut Oilseed, Rapeseed Oilseed, Soybean Oilseed, Sunflowerseed Total Oilseed, Copra Oilseed, Cottonseed Oilseed, Palm Kernel Oilseed, Peanut Oilseed, Rapeseed Oilseed, Soybean Oilseed, Sunflowerseed Total Exports Oilseed, Copra Oilseed, Cottonseed Oilseed, Palm Kernel Oilseed, Peanut Oilseed, Rapeseed Oilseed, Soybean Oilseed, Sunflowerseed Total Crush Oilseed, Copra Oilseed, Cottonseed Oilseed, Palm Kernel Oilseed, Peanut Oilseed, Rapeseed Oilseed, Soybean Oilseed, Sunflowerseed Total Ending Stocks Oilseed, Copra Oilseed, Cottonseed Oilseed, Palm Kernel Oilseed, Peanut Oilseed, Rapeseed Oilseed, Soybean Oilseed, Sunflowerseed Total Totals may not add due to rounding Foreign Agricultural Service/USDA 8 June 2018

9 Table 02: Major Protein Meals: World Supply and Distribution (Commodity View) Million Metric Tons 2014/ / /17 May Jun Production Meal, Copra Meal, Cottonseed Meal, Fish Meal, Palm Kernel Meal, Peanut Meal, Rapeseed Meal, Soybean Meal, Sunflowerseed Total Meal, Copra Meal, Cottonseed Meal, Fish Meal, Palm Kernel Meal, Peanut Meal, Rapeseed Meal, Soybean Meal, Sunflowerseed Total Exports Meal, Copra Meal, Cottonseed Meal, Fish Meal, Palm Kernel Meal, Peanut Meal, Rapeseed Meal, Soybean Meal, Sunflowerseed Total Meal, Copra Meal, Cottonseed Meal, Fish Meal, Palm Kernel Meal, Peanut Meal, Rapeseed Meal, Soybean Meal, Sunflowerseed Total Ending Stocks Meal, Copra Meal, Cottonseed Meal, Fish Meal, Palm Kernel Meal, Peanut Meal, Rapeseed Meal, Soybean Meal, Sunflowerseed Total Totals may not add due to rounding Foreign Agricultural Service/USDA 9 June 2018

10 Table 03: Major Vegetable Oils: World Supply and Distribution (Commodity View) Million Metric Tons 2014/ / /17 May Jun Production Oil, Coconut Oil, Cottonseed Oil, Olive Oil, Palm Oil, Palm Kernel Oil, Peanut Oil, Rapeseed Oil, Soybean Oil, Sunflowerseed Total Oil, Coconut Oil, Cottonseed Oil, Olive Oil, Palm Oil, Palm Kernel Oil, Peanut Oil, Rapeseed Oil, Soybean Oil, Sunflowerseed Total Exports Oil, Coconut Oil, Cottonseed Oil, Olive Oil, Palm Oil, Palm Kernel Oil, Peanut Oil, Rapeseed Oil, Soybean Oil, Sunflowerseed Total Oil, Coconut Oil, Cottonseed Oil, Olive Oil, Palm Oil, Palm Kernel Oil, Peanut Oil, Rapeseed Oil, Soybean Oil, Sunflowerseed Total Ending Stocks Oil, Coconut Oil, Cottonseed Oil, Olive Oil, Palm Oil, Palm Kernel Oil, Peanut Oil, Rapeseed Oil, Soybean Oil, Sunflowerseed Total Totals may not add due to rounding Foreign Agricultural Service/USDA 10 June 2018

11 Table 04: Major Oilseeds: World Supply and Distribution (Country View) Million Metric Tons 2014/ / /17 May Jun Production United States Brazil Argentina China India Other Total China European Union Mexico Japan Pakistan Thailand Indonesia Turkey Egypt Russia Other Total Exports Brazil United States Canada Argentina Paraguay Ukraine Australia Other Crush Total China United States European Union Argentina Brazil India Russia Ukraine Indonesia Canada Mexico Pakistan Malaysia Japan Turkey Other Total Ending Stocks Argentina Brazil China United States Canada Other Total Major Oilseeds includes Copra, Cottonseed, Palm Kernel, Peanut, Rapeseed, Soybeans and Sunflowerseeds. Foreign Agricultural Service/USDA 11 June 2018

12 Table 05: Major Protein Meals: World Supply and Distribution (Country View) Million Metric Tons 2014/ / /17 May Jun Production China United States Argentina Brazil European Union Other Total European Union Vietnam Indonesia United States Thailand Korea, South Japan Other Total Exports Argentina Brazil United States Ukraine Canada Indonesia Paraguay Other Total China European Union United States Brazil India Russia Mexico Vietnam Japan Thailand Other SME Total China European Union United States Brazil India Mexico Vietnam Other Total Ending Stocks Brazil Argentina European Union Indonesia Malaysia Other Total Major Protein Meals include Copra, Cottonseed, Fish, Palm Kernel, Peanut, Rapeseed, Soybean, and Sunflower Meal. Foreign Agricultural Service/USDA 12 June 2018

13 Table 06: Major Vegetable Oils: World Supply and Distribution (Country View) Million Metric Tons 2014/ / /17 May Jun Production Indonesia China Malaysia European Union United States Argentina Brazil Other Total India European Union China United States Pakistan Bangladesh Egypt Philippines Turkey Iran Other Total Exports Indonesia Malaysia Argentina Ukraine Canada Russia European Union Other Total China European Union India United States Indonesia Brazil Malaysia Pakistan Argentina Russia Thailand Mexico Bangladesh Egypt Japan Other Total Ending Stocks Indonesia Malaysia China European Union India Other Total Major Vegetable Oils includes Coconut, Cottonseed, Olive, Palm, Palm Kernel, Peanut, Rapeseed, Soybean, and Sunflowerseed oil. Foreign Agricultural Service/USDA 13 June 2018

14 Table 07: Soybeans: World Supply and Distribution Thousand Metric Tons 2014/ / /17 May Jun Production Brazil 97,200 96, , , , ,000 United States 106, , , , , ,483 Argentina 61,400 56,800 57,800 37,000 56,000 56,000 China 12,154 11,785 12,900 14,200 14,100 14,100 India 8,711 6,929 11,000 9,000 10,800 10,800 Paraguay 8,154 9,217 10,200 10,000 9,800 9,800 Canada 6,045 6,456 6,597 8,000 7,800 7,800 Other 19,365 19,031 20,824 19,981 22,557 22,257 Total 319, , , , , ,240 China 78,350 83,230 93,495 97, , ,000 European Union 13,914 15,120 13,422 14,100 14,200 14,200 Mexico 3,819 4,126 4,126 4,400 4,650 4,650 Japan 3,004 3,186 3,175 3,250 3,250 3,250 Thailand 2,411 2,798 3,077 3,150 3,225 3,225 Egypt 1,947 1,300 2,115 2,800 2,900 2,900 Indonesia 2,006 2,274 2,649 2,700 2,850 2,850 Taiwan 2,520 2,476 2,566 2,550 2,550 2,550 Turkey 2,197 2,283 2,271 2,300 2,500 2,500 Russia 1,986 2,336 2,221 2,350 2,400 2,400 Other 12,208 14,204 15,207 18,358 18,019 17,844 Total 124, , , , , ,369 Exports Brazil 50,612 54,383 63,137 74,650 72,300 72,950 United States 50,143 52,860 59,157 56,200 62,324 62,324 Argentina 10,575 9,922 7,026 3,500 8,000 8,000 Paraguay 4,576 5,400 6,129 6,250 5,900 5,900 Canada 3,763 4,236 4,591 5,500 5,800 5,800 Other 6,548 5,705 7,502 6,013 7,499 7,399 Crush Total 126, , , , , ,373 China 74,500 81,500 88,000 95, , ,000 United States 50,975 51,335 51,742 54,839 54,295 54,431 Argentina 40,235 43,267 43,303 40,300 44,000 44,000 Brazil 40,435 39,747 40,411 43,000 43,200 43,200 European Union 14,450 14,950 14,400 14,900 14,900 14,900 India 7,700 5,500 9,000 8,200 9,100 9,100 Russia 3,600 4,000 4,400 4,650 5,100 5,100 Mexico 4,175 4,400 4,600 4,870 5,050 5,050 Paraguay 3,700 3,800 3,750 3,700 3,950 3,950 Egypt 1,950 1,150 2,200 2,600 3,000 3,000 Iran 1,450 1,950 2,050 2,300 2,420 2,420 Bolivia 2,450 2,550 2,050 2,550 2,350 2,350 Japan 2,150 2,283 2,392 2,350 2,300 2,300 Pakistan 500 1,250 1,680 2,000 2,300 2,300 Taiwan 1,980 1,980 2,045 2,080 2,100 2,100 Other 14,560 15,362 15,293 16,306 17,272 17,272 Total 264, , , , , ,473 Ending Stocks Argentina 31,700 31,600 36,220 28,150 29,685 29,060 Brazil 19,078 18,558 26,462 24,500 21,200 23,000 China 17,009 16,910 20,391 20,641 19,191 19,191 United States 5,188 5,354 8,208 13,750 11,293 10,476 European Union 843 1,559 1,131 1,073 1,173 1,173 Other 4,096 4,406 4,965 4,372 4,161 4,121 Total 77,914 78,387 97,377 92,486 86,703 87,021 Most countries are on an October/September Marketing Year (MY). The United States, Mexico, and Thailand are on a September/August MY. Canada is on an August/July MY. Paraguay is on a Jan/Dec MY. Foreign Agricultural Service/USDA 14 June 2018

15 Table 08: Soybean Meal: World Supply and Distribution Thousand Metric Tons 2014/ / /17 May Jun Production China 59,004 64,548 69,696 75,240 80,784 80,784 United States 40,880 40,525 40,630 43,272 42,864 43,046 Argentina 30,928 33,211 33,280 30,950 33,660 33,660 Brazil 31,300 30,750 31,660 33,400 33,553 33,553 European Union 11,416 11,811 11,376 11,771 11,771 11,771 India 6,160 4,400 7,200 6,560 7,280 7,280 Russia 2,837 3,152 3,467 3,664 4,019 4,019 Other 25,997 27,465 28,563 30,791 32,428 32,428 Total 208, , , , , ,541 European Union 19,623 19,207 18,924 18,500 18,500 18,500 Vietnam 4,311 5,094 4,945 4,800 5,000 5,000 Indonesia 3,902 4,103 4,245 4,400 4,600 4,600 Thailand 3,068 2,433 2,782 2,850 2,880 2,880 Philippines 2,204 2,618 2,660 2,750 2,850 2,850 Mexico 1,795 2,367 1,991 2,100 2,100 2,100 Korea, South 1,751 2,118 1,764 1,800 1,900 1,900 Japan 1,699 1,721 1,621 1,650 1,650 1,650 Colombia 1,148 1,206 1,284 1,425 1,500 1,500 Malaysia 1,465 1,291 1,427 1,525 1,500 1,500 Other 19,719 19,600 18,887 19,128 20,054 20,054 Total 60,685 61,758 60,530 60,928 62,534 62,534 Exports Argentina 28,575 30,333 31,323 28,500 30,500 30,500 Brazil 14,290 15,407 13,762 15,600 15,500 15,500 United States 11,891 10,844 10,524 11,884 11,249 11,249 Paraguay 2,569 2,552 2,407 2,430 2,580 2,580 Bolivia 1,674 1,726 1,264 1,690 1,550 1,550 Other 5,405 4,639 5,218 4,591 4,439 4,439 Total 64,404 65,501 64,498 64,695 65,818 65,818 China 57,467 62,663 68,646 74,270 79,814 79,814 United States 29,282 30,044 30,299 31,933 31,933 32,115 European Union 30,142 30,742 30,342 30,042 29,942 29,942 Brazil 15,700 16,470 16,943 17,480 18,150 18,150 Vietnam 4,750 5,470 5,740 5,960 6,120 6,120 Mexico 5,050 5,700 5,770 5,930 6,080 6,080 India 4,500 4,460 4,857 5,390 5,900 5,900 Indonesia 4,000 4,100 4,254 4,450 4,600 4,600 Thailand 4,100 4,230 4,232 4,300 4,450 4,450 Russia 2,700 3,100 3,250 3,600 4,000 4,000 Japan 3,365 3,458 3,420 3,463 3,390 3,390 Iran 3,000 3,080 3,180 3,280 3,380 3,380 Egypt 2,650 2,850 2,980 3,150 3,350 3,350 Argentina 2,402 2,672 2,853 3,000 3,200 3,200 Philippines 2,400 2,600 2,720 2,850 2,950 2,950 Other 30,054 31,319 32,537 33,992 35,963 35,983 Total 201, , , , , ,424 Ending Stocks Brazil 3,812 2,710 3,700 4,050 3,983 3,983 Argentina 4,025 4,231 3,335 2,785 2,450 2,745 European Union United States Vietnam Other 4,849 4,651 4,747 4,108 4,070 4,069 Total 14,052 13,213 13,094 11,885 11,424 11,718 Most countries are on an October/September Marketing Year (MY). The Mexico and Thailand are on a September/August MY. Canada is on an August/July MY. Paraguay, Vietnam and the Philippines are on a January/December MY and Bolivia is on a March/February MY. Foreign Agricultural Service/USDA 15 June 2018

16 Table 09: Soybean Oil: World Supply and Distribution Thousand Metric Tons 2014/ / /17 May Jun Production China 13,347 14,605 15,770 17,024 18,278 18,278 United States 9,706 9,956 10,035 10,501 10,451 10,478 Argentina 7,687 8,433 8,395 7,800 8,510 8,510 Brazil 7,759 7,627 7,850 8,250 8,290 8,290 European Union 2,746 2,841 2,736 2,831 2,831 2,831 India 1, ,620 1,475 1,635 1,635 Russia Other 6,025 6,360 6,594 7,093 7,440 7,440 Total 49,301 51,529 53,788 55,807 58,349 58,376 India 2,815 4,269 3,534 3,345 3,550 3,650 Bangladesh Algeria Morocco Peru Colombia China Korea, South Egypt Iran Other 3,018 2,970 3,002 2,814 2,891 2,891 Total 10,034 11,638 10,851 10,234 10,581 10,681 Exports Argentina 5,094 5,698 5,387 4,675 5,100 5,325 Brazil 1,510 1,550 1,241 1,480 1,325 1,325 United States 914 1,017 1,160 1, European Union 1, Paraguay Russia Bolivia Other 1,073 1,005 1,191 1,119 1,133 1,133 Total 11,115 11,769 11,255 10,713 10,961 11,186 China 14,200 15,350 16,350 17,300 18,450 18,450 United States 8,600 9,145 9,009 9,344 9,661 9,661 Brazil 6,265 6,330 6,610 6,890 6,980 6,980 India 4,100 5,250 5,200 5,000 5,200 5,100 Argentina 2,401 2,840 2,985 3,205 3,418 3,168 European Union 2,040 2,285 2,205 2,225 2,245 2,245 Mexico 961 1,020 1,100 1,100 1,125 1,125 Bangladesh , ,029 1,029 Egypt Algeria Iran Pakistan Morocco Korea, South Colombia Other 4,976 5,028 5,158 5,329 5,544 5,544 Total 47,775 52,133 53,487 55,433 57,917 57,567 Ending Stocks United States China India European Union Brazil Other 1,640 1,452 1,328 1,149 1,173 1,164 Total 4,313 3,578 3,475 3,370 3,229 3,674 Most countries are on an October/September Marketing Year (MY). Mexico is on a September/August MY. Paraguay and Peru are on an January/December MY and Bolivia is on a March/February MY. Foreign Agricultural Service/USDA 16 June 2018

17 Table 10: Soybeans and Products: World Trade Thousand Metric Tons Meal, Soybean Oil, Soybean Oilseed, Soybean Marketing Year 2016/ / /17 Exports North America 10,829 12,198 11,564 1,359 1,253 1,107 63,748 61,700 68,124 Canada (Aug-Jul) ,591 5,500 5,800 United States (Sep-Aug) 10,524 11,884 11,249 1,160 1, ,157 56,200 62,324 South America 48,766 48,231 50,150 7,555 7,217 7,712 79,527 86,077 89,803 Argentina (Oct-Sep) 31,323 28,500 30,500 5,387 4,675 5,325 7,026 3,500 8,000 Brazil (Oct-Sep) 13,762 15,600 15,500 1,241 1,480 1,325 63,137 74,650 72,950 Paraguay (Jan-Dec) 2,407 2,430 2, ,129 6,250 5,900 South Asia 2,024 1,507 1, India (Oct-Sep) 2,011 1,500 1, Other 2,879 2,759 2,696 2,340 2,241 2,362 3,998 4,066 4,146 World Total 64,498 64,695 65,818 11,255 10,713 11, , , ,373 European Union (Oct-Sep) 18,924 18,500 18, ,422 14,100 14,200 East Asia 3,502 3,550 3,655 1, , , ,132 China (Oct-Sep) ,495 97, ,000 Japan (Oct-Sep) 1,621 1,650 1, ,175 3,250 3,250 Korea, South (Oct-Sep) 1,764 1,800 1, ,286 1,300 1,330 Taiwan (Oct-Sep) ,566 2,550 2,550 Southeast Asia 16,085 16,351 16, ,409 8,720 9,206 Indonesia (Oct-Sep) 4,245 4,400 4, ,649 2,700 2,850 Malaysia (Oct-Sep) 1,427 1,525 1, Philippines (Jan-Dec) 2,660 2,750 2, Thailand (Sep-Aug) 2,782 2,850 2, ,077 3,150 3,225 Vietnam (Jan-Dec) 4,945 4,800 5, ,646 1,800 2,000 North America 3,129 3,454 3, ,217 5,560 5,810 Canada (Aug-Jul) Mexico (Sep-Aug) 1,991 2,100 2, ,126 4,400 4,650 South America 4,878 5,160 5,451 1,251 1,189 1,279 3,053 4,685 3,255 Brazil (Oct-Sep) Colombia (Oct-Sep) 1,284 1,425 1, Central America 1,165 1,218 1, Caribbean 1,007 1,052 1, Middle East 4,950 4,490 5, ,222 5,615 5,990 Iran (Oct-Sep) 1,507 1,370 1, ,904 2,150 2,270 Israel (Oct-Sep) Syria (Jan-Dec) Turkey (Oct-Sep) ,271 2,300 2,500 North Africa 3,135 3,250 3,210 1,560 1,660 1,705 2,653 3,520 3,690 Egypt (Oct-Sep) 1,053 1,100 1, ,115 2,800 2,900 Other 3,755 3,903 4,098 5,049 4,735 5,064 5,335 6,154 6,560 World Total 60,530 60,928 62,534 10,851 10,234 10, , , ,369 Foreign Agricultural Service/USDA 17 June 2018

18 Table 11: Palm Oil: World Supply and Distribution Thousand Metric Tons 2014/ / /17 May Jun Production Indonesia 33,000 32,000 36,000 38,500 40,500 40,500 Malaysia 19,879 17,700 18,858 20,500 21,000 21,000 Thailand 2,068 1,804 2,500 2,700 2,900 2,900 Colombia 1,110 1,275 1,147 1,250 1,350 1,350 Nigeria Other 4,783 5,141 5,780 5,801 5,859 5,859 Total 61,750 58,890 65,255 69,721 72,579 72,579 India 9,139 8,860 9,341 10,600 11,500 11,500 European Union 6,935 6,636 7,224 6,500 6,500 6,500 China 5,696 4,689 4,881 4,900 4,950 4,950 Pakistan 2,826 2,720 3,075 3,100 3,250 3,250 Bangladesh 1,280 1,511 1,314 1,600 1,750 1,750 United States 1,143 1,307 1,367 1,680 1,600 1,600 Egypt 1,489 1,038 1,323 1,200 1,200 1,200 Philippines ,165 1,100 1,200 1,200 Russia Vietnam Other 13,602 13,008 14,152 14,827 15,348 15,348 Total 44,471 42,370 45,483 47,227 49,038 49,038 Exports Indonesia 25,964 22,906 27,633 28,000 29,200 29,200 Malaysia 17,378 16,621 16,301 17,250 17,500 17,500 Guatemala Papua New Guinea Benin Other 2,487 2,566 3,072 2,993 3,138 3,138 Total 47,389 43,742 48,907 50,148 51,740 51,740 India 9,150 9,100 9,550 10,800 11,720 11,720 Indonesia 7,520 8,870 9,070 9,450 10,130 10,130 European Union 6,900 6,600 6,800 6,550 6,450 6,450 China 5,700 4,800 4,830 4,850 4,900 4,900 Malaysia 2,941 2,990 2,685 3,117 3,425 3,425 Pakistan 2,738 2,795 2,995 3,145 3,245 3,245 Thailand 1,925 1,835 2,172 2,440 2,590 2,590 Bangladesh 1,275 1,411 1,314 1,570 1,725 1,725 United States 1,092 1,269 1,355 1,662 1,580 1,580 Philippines ,225 1,250 1,320 1,320 Nigeria 1,410 1,320 1,240 1,260 1,290 1,290 Egypt 1,350 1,100 1,300 1,230 1,200 1,200 Colombia Russia Vietnam Other 12,961 13,327 14,401 15,171 15,805 15,805 Total 58,200 58,892 61,545 65,170 68,072 68,072 Ending Stocks Indonesia 2,734 2,958 2,260 3,310 4,480 4,480 Malaysia 2,641 1,546 2,016 2,899 3,674 3,674 India Thailand European Union Other 3,535 3,226 3,433 3,295 3,245 3,240 Total 10,240 8,866 9,152 10,782 12,492 12,587 Foreign Agricultural Service/USDA 18 June 2018

19 Table 12: Rapeseed and Products: World Supply and Distribution Thousand Metric Tons Meal, Rapeseed Oil, Rapeseed Oilseed, Rapeseed Marketing Year 2016/ / /17 Production China (Oct-Sep) 10,771 11,009 11,307 7,059 7,215 7,410 14,546 14,400 14,200 India (Oct-Sep) 3,460 3,050 3,250 2,200 1,950 2,070 7,091 5,850 6,500 Canada (Aug-Jul) 5,200 5,200 5,285 4,020 4,020 4,085 19,599 21,500 21,100 Japan (Oct-Sep) 1,355 1,360 1,390 1,061 1,075 1, European Union (Jul-Jun) 13,908 14,250 14,535 10,199 10,450 10,659 20,545 22,166 21,800 Other 5,199 5,738 6,037 3,661 4,038 4,243 9,547 10,364 11,477 World Total 39,893 40,607 41,804 28,200 28,748 29,562 71,332 74,284 75,081 China (Oct-Sep) 875 1,150 1, ,260 4,550 5,300 India (Oct-Sep) Canada (Aug-Jul) Japan (Oct-Sep) ,392 2,450 2,500 European Union (Jul-Jun) ,224 4,350 4,500 Other 4,769 4,588 4,781 3,061 3,074 3,216 4,673 5,011 5,115 World Total 5,896 5,953 6,013 4,402 4,337 4,486 15,644 16,461 17,515 Exports China (Oct-Sep) India (Oct-Sep) Canada (Aug-Jul) 4,681 4,800 4,850 3,133 3,170 3,100 11,022 11,500 11,500 Japan (Oct-Sep) European Union (Jul-Jun) Other ,028 1,137 1,226 4,458 5,024 5,990 World Total 6,033 6,074 6,256 4,527 4,606 4,700 15,799 16,649 17,690 China (Oct-Sep) 11,634 12,144 12,292 8,700 8,500 8,300 18,700 19,100 19,600 India (Oct-Sep) 2,890 2,800 2,800 2,480 2,405 2,460 6,850 6,070 6,500 Canada (Aug-Jul) ,045 9,340 9,248 9,400 Japan (Oct-Sep) 1,377 1,372 1,400 1,078 1,081 1,102 2,442 2,455 2,505 European Union (Jul-Jun) 13,850 14,050 14,300 10,150 10,200 10,350 25,350 25,980 26,490 Other 9,570 9,850 10,294 5,740 5,888 6,234 9,408 10,239 10,765 World Total 39,860 40,666 41,551 29,104 29,069 29,491 72,090 73,092 75,260 Ending Stocks China (Oct-Sep) ,676 2,071 1,861 1,346 1,196 1,096 India (Oct-Sep) Canada (Aug-Jul) ,348 2,200 2,500 Japan (Oct-Sep) European Union (Jul-Jun) ,396 1,006 Other ,250 1,362 1,199 World Total ,320 3,730 3,587 5,660 6,664 6,310 Foreign Agricultural Service/USDA 19 June 2018

20 Table 13: Sunflowerseed and Products: World Supply and Distribution Thousand Metric Tons Oilseed, Sunflowerseed Meal, Sunflowerseed Oil, Sunflowerseed Marketing Year 2016/ / /17 Production Argentina (Mar-Feb) 3,550 3,500 3,500 1,270 1,452 1,452 1,288 1,465 1,465 Russia (Sep-Aug) 10,858 10,362 11,500 4,146 4,105 4,433 4,171 4,130 4,460 Turkey (Sep-Aug) 1,320 1,550 1, ,100 1, Ukraine (Sep-Aug) 15,200 13,700 15,500 6,030 5,658 6,298 6,351 5,891 6,558 European Union (Oct-Sep) 8,598 9,679 9,100 4,266 4,590 4,428 3,338 3,591 3,465 Other 8,441 8,509 8,667 2,654 2,824 2,935 2,256 2,387 2,479 World Total 47,967 47,300 49,847 19,329 19,729 20,646 18,165 18,354 19,317 Argentina (Mar-Feb) Russia (Sep-Aug) Turkey (Sep-Aug) Ukraine (Sep-Aug) European Union (Oct-Sep) ,708 3,800 4,000 1,834 1,450 1,500 Other ,268 2,452 2,593 6,251 6,095 6,615 World Total 2,173 2,201 2,090 6,946 7,249 7,593 8,896 8,102 8,637 Exports Argentina (Mar-Feb) Russia (Sep-Aug) ,300 1,350 1,250 2,178 2,150 2,200 Turkey (Sep-Aug) Ukraine (Sep-Aug) ,807 4,650 5,100 5,851 5,300 5,800 European Union (Oct-Sep) Other 1,406 1,504 1, World Total 2,440 2,309 2,231 7,436 7,403 7,739 10,402 9,540 10,052 Argentina (Mar-Feb) 3,130 3,560 3, Russia (Sep-Aug) 10,580 10,460 11,260 2,850 2,950 3,200 2,055 2,090 2,195 Turkey (Sep-Aug) 1,862 2,122 2,132 1,850 2,080 2, ,020 1,040 Ukraine (Sep-Aug) 14,780 13,890 15,450 1,300 1,200 1, European Union (Oct-Sep) 8,990 9,610 9,330 7,860 8,110 8,160 4,560 4,490 4,490 Other 7,645 7,926 8,252 4,700 5,022 5,309 7,764 8,165 8,675 World Total 46,987 47,568 49,980 19,100 19,962 20,619 16,666 17,092 17,762 Ending Stocks Argentina (Mar-Feb) 1,241 1, Russia (Sep-Aug) Turkey (Sep-Aug) Ukraine (Sep-Aug) European Union (Oct-Sep) Other World Total 3,367 2,991 2,717 1,433 1, ,659 1,483 1,623 Foreign Agricultural Service/USDA 20 June 2018

21 Table 14: Minor Vegetable Oils: World Supply and Distribution Thousand Metric Tons Oil, Peanut Oil, Cottonseed Oil, Olive Marketing Year 2016/ / /17 Production China (Oct-Sep) 2,896 3,008 3,064 1,115 1,382 1, India (Oct-Sep) 1,238 1,188 1,200 1,160 1,275 1,320 Turkey (Nov-Oct) United States (Aug-Jul) European Union (Oct-Sep) ,745 2,200 2,240 Other 1,659 1,675 1,673 1,671 1,907 1, World Total 5,942 6,000 6,081 4,414 5,092 5,216 2,482 3,268 3,147 China (Oct-Sep) India (Oct-Sep) Turkey (Nov-Oct) United States (Aug-Jul) European Union (Oct-Sep) Other World Total Exports China (Oct-Sep) India (Oct-Sep) Turkey (Nov-Oct) United States (Aug-Jul) European Union (Oct-Sep) Other World Total , China (Oct-Sep) 2,999 3,110 3,166 1,113 1,377 1, India (Oct-Sep) 1,165 1,198 1,210 1,165 1,265 1,315 Turkey (Nov-Oct) United States (Aug-Jul) European Union (Oct-Sep) ,370 1,570 1,670 Other 1,439 1,452 1,458 1,687 1,898 2, World Total 5,830 5,978 6,060 4,384 5,020 5,178 2,585 2,855 2,995 Ending Stocks China (Oct-Sep) India (Oct-Sep) Turkey (Nov-Oct) United States (Aug-Jul) European Union (Oct-Sep) Other World Total Foreign Agricultural Service/USDA 21 June 2018

22 Table 15: World Oilseeds and Products Supply and Distribution Million Metric Tons Area Harvested Beginning Stocks Productio n Total Supply Exports Food Use Dom. Domestic Consumpti Ending Stocks Major Oilseeds 2005/ / / / / / / / / / / / Major Protein Meals 2005/ / / / / / / / / / / / Major Vegetable Oils 2005/ / / / / / / / / / / / Based on the aggregate of different marketing years Foreign Agricultural Service/USDA 22 June 2018