Mexico to increase oilseed production in MY 2024/25 – forecast

Production of oilseeds in Mexico at the end of the season-2024/25 may reach about 636 thousand tons, which is more than 4% higher than the level of 2023/24 MY (610 thousand tons). This forecast in their report released by analysts of the Foreign Agricultural Service of the U.S. Department of Agriculture (FAS USDA).

As experts note, the increase is expected due to a possible increase in soybean harvest on the background of attractive prices of its realization. Thus, in the coming agricultural year the share of this crop in the structure of national production of oilseeds may amount to more than 32% (or 205 thousand tons against 185 thousand tons in the season-2023/24).

In addition, according to experts’ forecasts, in 2024/25 MY the country’s vegetable oil production will increase by 7% to 2.216 million tons. At the same time, imports are expected to increase (by 2.5%, to 1.208 million tons) against the background of an increase in domestic consumption of these products (by 4%, to 3.21 million tons).

According to experts’ forecasts, in the new season, the output of meal will also increase – from 5.884 million tons in MY 2023/24 to 6.226 million tons – due to the growing demand for feed from the livestock sector and increased supply of oilseeds in the Mexican market.

Tags: soybean, Mexico