USDA experts adjusted forecasts of world production of edible oils and meals

The global production of vegetable oil in the season-2023/24 will amount to about 223.03 mln tonnes against 217.18 mln tonnes in the previous agricultural year. Such data is contained in the January report of the analysts of the U.S. Department of Agriculture (USDA), who adjusted the figure for 2023/24 MY downward from 223.6 mln tonnes.

In particular, the experts increased the estimate of rapeseed oil production from 33.2 mln tonnes in December to 33.29 mln tonnes. At the same time, the forecast for olive oil was lowered from 2.89 million tons to 2.5 million tons, for peanut oil from 6.34 million tons to 6.33 million tons, for soybean oil from 61.93 million tons to 61.91 million tons, for sunflower oil from 22.05 million tons to 21.8 million tons. Other indicators remained unchanged: palm oil – 79.46 million tons; coconut oil – 3.76 million tons; cottonseed oil – 4.94 million tons.

As for meals, this category was also adjusted. The estimate of the production of this product was reduced from 370.41 million tons to 369.85 million tons. In particular, the production of rapeseed meal is expected to reach 47.78 mln tonnes against 47.8 mln tonnes a month earlier, soybean meal – 258.59 mln tonnes against 258.66 mln tonnes, sunflower meal – 23.12 mln tonnes against 23.44 mln tonnes.

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