USDA experts raised forecasts for global production of edible oils and meals

The global production of vegetable oil in the season-2023/24 will amount to about 223.6 mln tonnes against 217.21 mln tonnes in the previous agricultural year. Such data are contained in the December report of the analysts of the U.S. Department of Agriculture (USDA), who adjusted the figure for 2023/24 MY upward from almost 223.5 mln tonnes.

In particular, the experts increased the estimate of rapeseed oil production from 33.06 mln tonnes in November to 33.2 mln tonnes. At the same time, the forecast for cottonseed oil was lowered from 4.96 mln tons to 4.94 mln tons. Other indicators remained unchanged: palm oil – 79.46 million tons; soybean oil – 61.93 million tons; sunflower oil – 22.05 million tons; palm kernel oil – 9.03 million tons; peanut oil – 6.34 million tons; coconut oil – 3.76 million tons; olive oil – 2.89 million tons.

As for meals, this category was also adjusted. The estimate of production of this product was increased from 370.21 million tons to 370.41 million tons. In particular, the production of rapeseed meal is expected to reach 47.8 mln tonnes against 47.55 mln tonnes a month earlier, and soybean meal – 258.66 mln tonnes against 258.63 mln tonnes. The forecast for sunflower meal remained unchanged at 23.44 mln tons.

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