USDA experts adjusted forecasts for global vegetable oils and meal production

The volume of world production of vegetable oil in the season-2023/24 will be about 222.83 million tons against 217.67 million tons in the past agricultural year. Such data are contained in the February report of analysts at the U.S. Department of Agriculture (USDA), which for the month adjusted the figure for 2023/24 MY downward from 223.03 million tons.

In particular, experts increased the estimate of rapeseed oil output from January’s 33.29 million tons to 33.41 million tons, palm kernel oil – from 9.03 million tons to 9.1 million tons. At the same time, the forecast for olive oil was lowered from 2.5 million tons to 2.31 million tons, for peanut oil from 6.33 million tons to 6.32 million tons, for soybean oil from 61.91 million tons to 61.89 million tons, and for sunflower oil from 21.8 million tons to 21.63 million tons. The other figures remained unchanged: coconut oil, 3.76 million tons; cottonseed oil, 4.94 million tons; and palm oil, 79.46 million tons.

As for meal, adjustments were also made in this category. The output estimate for this product has been lowered from 369.85 million tons to 369.79 million tons. In particular, rapeseed meal production is expected to be 47.98 million tons against 47.78 million tons a month earlier, soybean meal – 258.52 million tons against 258.59 million tons, sunflower meal – 22.85 million tons against 23.12 million tons.

Tags: rapeseed oil, sunflower oil, soybean oil, USDA Report, palm oil