Decimated Chinese Oiimeal Usage in Jan/March Worsens Global Consumption Prospects for 2019/20

摘要

We have reduced our estimate of world production of the eight major oilmeals by 0.2 Mn to 339.3 Mn T in Oct/Sept 2019/20, primarily because of smaller output in Argentina and China more than offsetting higher production in other countries. World output is seen falling sizably short of expectations above all this quarter, while we have raised our production estimate for Apr/Sept 2020 somewhat.