Lower crush levels drives up oilseed stocks

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Lower global crush levels, mainly driven by lower rates in China (down by 1mt) have helped increased global ending stocks for oilseeds by 5%.  The October WASDE projects US soybean yields to reach record levels at 121mt in MY 2021/22. Despite this, global oilseed production is slightly down this month on smaller Argentinian (soybean), Black Sea (sunflower seed), and Canada (rapeseed) crops. Soybean exports have slowed with both the US and Brazil showing sales decline, the former due to lower sales and the latter because of lower supply.