USDA raised the forecast for global vegetable oil production and consumption in 2024/25 but lowered stock estimate, supporting quotes

게시됨 2024년 5월 14일

Tridge 요약

A USDA report for the 2024/25 marketing year predicts a 2% rise in global vegetable oil production to 228.28 million tons and a 3% increase in consumption to 224.9 million tons, primarily driven by food sector demand. The report anticipates a decrease in ending stocks by 6%. Notably, soybean oil futures on the Chicago Stock Exchange have risen by 5.8%, palm oil futures in Malaysia have fallen then risen by 1.6%, and sunflower oil prices have increased by 1% despite remaining demand prices in Ukraine and Turkey remaining stable.

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원본 콘텐츠

In a May report, USDA experts released the first balance of vegetable oils for 2024/25 MR, where compared to the previous season, they increased the forecast of world production by 2% and consumption by 3%, but lowered the estimate of ending stocks by 6%, which supported the quotation of soybean oil . According to the forecast, the world production of vegetable oils in 2024/25 FY will grow to 228.28 million tons (223.8 million tons in 2023/24 FY, 218.33 million tons in 2022/23 FY and 208.55 million tons in 2021/ 22 MR), in particular soybean - up to 65.4 (62.4; 58.6 and 60) million tons, palm oil - up to 80 (79.3; 78 and 73) million tons, while the production of sunflower and rapeseed oil will remain at levels of 21.7 and 34 million tons, respectively. The consumption of oils in the food sector will grow more than in industry, as the development of electric vehicles gradually reduces the need for biodiesel. However, industrial consumption will still exceed food consumption. The ...

출처: Graintrade