Global vegetable oil production in MY 2024/25 will reach a record 224.2 mln tons

The U.S. Department of Agriculture (USDA) expects a record 224.2 million tons of vegetable oils to be produced globally in the current marketing year. Last year’s volume is expected to be exceeded by 2.7 million tons.

Consumption is estimated at 221.7 million tons, 5.3 million tons above the previous year’s level. Against this background, stocks at the end of the marketing year are likely to be 29.6 million tons, lower than the previous year and also below the long-term average.

According to a study by Agrarmarkt Informations-Gesellschaft (mbH), palm oil production will reach a record volume again in 2024/25. The USDA no longer supports its previous forecast of 80 million tons. The new figures are 79.8 million tons, 0.8 million tons more than in 2023/24. Given the abundant supply of raw materials, the increase in soybean oil shipments will be 3.2 million tons, an increase to a record 65.5 million tons. Rapeseed oil production will also reach a record of 34.2 million tons.

That said, USDA expects sunflower oil production to decline in 2024/25, primarily due to a decline of more than 1 million tons in Ukraine. The global estimate was 20.6 million tons, down nearly 1 million tons from the previous month and therefore nearly 2 million tons below the previous year’s volume. This would be the lowest level since 2021/22.

Tags: sunflower oil, soybean oil, palm oil, edible oils, rapeseed oil