The global balance of vegetable oils has practically not changed despite the decrease in the forecast for soybean production

The world balance on vegetable oils in February for 2022/23 MR, as in January, almost did not change, although analysts expected a more significant decrease in the forecast of world production due to a drop in soybean production in Argentina. Compared with the January report, the global balance of vegetable oils for FY 2022/23 underwent the following changes: The forecast of world production of oils was reduced by 0.04 million tons to 217.58 million tons, which will exceed the 2021/22 FY 2021/22 figure of 208.48 million tons by 4.3%, including the forecast for soybean oil production, which was reduced by only 0.58 to 60.91 million tons (59 million tons in 2021/22MG), which will be compensated by a small increase in the production of rapeseed, sunflower and palm oils. It is worth noting that despite the decrease in sunflower production, it did not lead to a decrease in oil production due to a further decrease in final global residues. The forecast for palm oil production was raised ...