High demand buoys Turkey’s soybean oil production
An increase in export demand has pushed Turkey’s soybean oil production outlook, according to a report from the Global Agricultural Information Network of the US Department of Agriculture (USDA).
Turkey’s soybean oil production in the 2020-21 marketing year is forecast to be 322,000 tonnes, which compares with 286,000 tonnes in the 2019-20 marketing year. The USDA’s soybean oil forecast production for the 2021-22 marketing year remains unchanged at 322,000 tonnes.
Despite being a minor oilseed crop in Turkey, the USDA anticipates a 13% production increase of the commodity in the 2021-22 marketing year of 125,000 tonnes.
Turkey’s domestic soybean consumption is tied to the usage of it in the feed industries, particularly in the poultry sector. The USDA noted feed production increased 5% in 2020. Favorable crush margins are expected to increase the total domestic soybean consumption to 3.25 million tonnes in the 2021-22 marketing year.
Soybean imports for the 2021-2022 marketing year are projected to be 3.2 million tonnes, dependent on demand from the feed sector and crush activity for oil exports.
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