USDA increased the estimate of world production of vegetable oils

The global production of vegetable oil in the season-2023/24 will amount to about 223.17 mln tonnes against 217.88 mln tonnes in the previous agricultural year. Such data is contained in the April report of the analysts of the U.S. Department of Agriculture (USDA), who adjusted the figure for 2023/24 MY upward from 222.85 mln tonnes.

In particular, the experts increased the estimates of rapeseed oil production from 33.79 mln tonnes in March to 34.01 mln tonnes, cottonseed oil – from 4.95 mln tonnes to 4.96 mln tonnes, sunflower oil – from 21.66 mln tonnes to 21.8 mln tonnes, and palm oil – from 79.46 mln tonnes to 79.48 mln tonnes. At the same time, the forecast for peanut oil was lowered from 6.14 million tons to 6.13 million tons, and for soybean oil from 61.68 million tons to 61.63 million tons. Other indicators remained unchanged: coconut oil – 3.77 million tons; olive oil – 2.29 million tons; palm kernel oil – 9.1 million tons.

As for meals, this category was also adjusted. The estimate of production of this product was increased from 369.37 million tons to 369.6 million tons. In particular, the production of rapeseed meal is expected to reach 48.68 mln tonnes against 48.49 mln tonnes a month earlier, soybean meal – 257.68 mln tonnes against 257.76 mln tonnes, sunflower meal – 22.98 mln tonnes against 22.87 mln tonnes.

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