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

Ukraine

Market & Price Trends

Published Mar 13, 2024

Tridge summary

The U.S. Department of Agriculture (USDA) forecasts a rise in global vegetable oil production for the 2023/24 season to approximately 222.85 million tons, up from 217.81 million tons in the previous year. While estimates for rapeseed, coconut, cotton, and sunflower oil production have been increased, those for olive, peanut, and soybean oil have been reduced. Palm oil and palm kernel oil production estimates remain unchanged. Meanwhile, the output estimate for meal has been slightly lowered to 369.37 million tons.

Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

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. ...

Source: UkrAgroConsult