USDA experts expect global vegetable oil production to increase
Next season, the volume of world vegetable oil production may increase by 3% due to the increase in soybean and palm oil production, as well as the recovery in the olive sector. Such forecast was announced by specialists of the US Department of Agriculture (USDA) in its May report.
Thus experts expect growth of production of rape and palm kernel oil in 2023/24 MY, while indicators on sunflower, cotton and peanut oil will remain approximately at the same level.
USDA forecasts that global oil consumption will increase by 6.7 million tons (or almost 3%): this will be mainly due to the increase in production of palm and soybean oils.
Global trade in 2023/24 season will be slightly strengthened due to recovery of situation on Argentine soybean market, and also increase of production and export of Indonesian palm oil.
Vegetable oil ending stocks will increase by nearly 2%, to 30.6 million tons, the USDA assumes. Most of this growth is projected in China, India, Pakistan and Bangladesh.
Read also
Low grain prices and high logistics costs may cut Ukraine’s planted area by 1 mln ha
Yemen buys French wheat for the first time in 4 years
Large stocks and weak exports may push Russian wheat prices even lower
India may increase lentil imports to 1.6 mln tons in MY 2026/27
Germany buys half of Ukraine’s rapeseed exports
Got additional questions?
We will be happy to assist!
Write to us
Our manager will contact you soon