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Food Outlook – Biannual Report on Global Food Markets

FAO’s 2020/21 forecasts continue to point towards a tight market situation for oilseeds and oilseed products, with resumed production growth foreseen insufficient to meet world demand. In 2020/21, global oil crop production is expected to recover from the previous season’s reduced level, with an area-driven rebound in soybean and rapeseed production more than offsetting a weather induced contraction in world sunflower seed output. While global supplies of meals/cakes are set to recover, global consumption is forecast to continue expanding, led by increasing consumption in China. With global meal uptake expected to surpass world supplies, global carry-out stocks of meals/cakes are anticipated to contract for a second consecutive season, possibly dropping to a seven-year low and entailing a further decline in stocks-to-use ratios.