World corn oil exports fall to multi-year low

World exports of corn oil at the end of last year amounted to about 0.6 million tons, analysts of the Hamburg-based agency OilWorld (Germany) have calculated. They note that the current result is a “multi-year minimum” for the market.

According to experts, the main supplier of this product in the period under review was the United States – they sold 0.16 million tons of oil (-18% for the year).

“The decrease in shipments led to a reduction in imports from Indonesia, Kuwait, Saudi Arabia, Singapore and a number of other countries,” the experts pointed out.

They also estimate the level of corn oil consumption in the United States at 2.7 million tons (+0.1 million tons by 2022, which is due to increased demand from the biofuel sector).

At the same time, the United States remains the leading global importer of corn oil: last year it purchased 80 thousand tons of this product, including 60 thousand tons in Canada and 13 thousand tons in Brazil.

Tags: corn oil