USDA experts have adjusted forecasts for world production of oils and meals

The volume of world vegetable oil production in the season-2023/24 will be about 222.85 million tons against 217.81 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 upward from 222.83 million tons.

In particular, the experts increased their estimate of rapeseed oil output from February’s 33.41 million tons to 33.79 million tons, coconut oil from 3.76 million tons to 3.77 million tons, cotton oil from 4.94 million tons to 4.95 million tons, and sunflower oil from 21.63 million tons to 21.66 million tons. At the same time, the forecast for olive oil was reduced from 2.31 million tons to 2.29 million tons, for peanut oil from 6.32 million tons to 6.14 million tons, and for soybean oil from 61.89 million tons to 61.68 million tons. The other figures remained unchanged: palm oil, 79.46 million tons; palm kernel oil, 9.1 million tons.

As for meal, adjustments were also made in this category. The output estimate for this product has been lowered from 369.79 million tons to 369.37 million tons. In particular, rapeseed meal production is expected to be 48.49 million tons against 47.98 million tons a month earlier, soybean meal – 257.76 million tons against 258.52 million tons, sunflower meal – 22.87 million tons against 22.85 million tons.

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