USDA experts expect global vegetable oil production to increase

Published 2023년 5월 15일

Tridge summary

The US Department of Agriculture's latest report forecasts a 3% increase in global vegetable oil production for the next season, driven by higher production of soybean and palm oil, as well as a recovery in the olive sector. The production of rape and palm kernel oil is also expected to rise, while the production of sunflower, cotton, and peanut oil is projected to remain stable. Globally, oil consumption is anticipated to rise by 3%, primarily due to increased production of palm and soybean oils. The global trade of vegetable oils is expected to slightly increase, aided by the recovery of the Argentine soybean market and an uptick in Indonesian palm oil production and exports. The ending stocks of vegetable oils are assumed to rise by nearly 2% to 30.6 million tons, with the majority of this growth expected in China, India, Pakistan, and Bangladesh.

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Original content

Next season, the volume of world vegetable oil production may increase by 3% due to the increase in soybean and palm oil production, as well as the recovery in the olive sector. Such forecast was announced by specialists of the US Department of Agriculture (USDA) in its May report. Thus experts expect growth of production of rape and palm kernel oil in 2023/24 MY, while indicators on sunflower, cotton and peanut oil will remain approximately at the same level. USDA forecasts that global oil consumption will increase by 6.7 million tons (or almost 3%): this will be mainly due to the increase in production of palm and soybean oils. Global trade in 2023/24 season will be slightly strengthened due to recovery of situation on Argentine soybean market, and also increase of ...

Source: UkrAgroConsult