USDA reviews July 2022 global highlights of oilseeds and vegetable oil

Published 2022년 7월 13일

Tridge summary

China's imports and consumption of oilseeds and vegetable oils have decreased, leading to a reduction in soybean imports for the 2021/22 marketing year. COVID-related restrictions, an economic slowdown, and rising global commodity prices have weakened China's demand for oilseed processing and vegetable oil consumption. The forecast for 2022/23 soybean imports has also been lowered. Indonesia's palm oil policy has impacted the global market, affecting availability and prices. Brazil's soybean processing in 2021/22 has reached a record high, despite higher food prices and lower-than-expected biodiesel blending rates for 2022. This has led to reduced competition for soybeans for domestic crushers and a record harvest coinciding with record exports of soybean meal and soybean oil in Brazil.

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Original content

Imports and consumption of oilseeds and vegetable oils in China have not lived up to expectations in recent months, and for this reason, soybean imports in 2021/22 MY were reduced by 2.0 million tons to 90.0 million. At the moment, soybean imports in October-May amounted to almost 61.0 million tons, which is 5 percent less compared to the same period last year. In addition, trade data from major exporters point to a further decline in shipments in October-July to almost 76.0 million tons, which is 7.5 million tons (9 percent) lower than last year, oilworld.ru reports citing to USDA. COVID-related restrictions, economic slowdown and rising global commodity prices have weakened China's demand for oilseed processing, meal and vegetable oil consumption. The forecast for 2022/23 soybean imports has been cut by 1.0 Mt to 98.0 Mt on the back of weak purchases to date and the assumption that the recovery in demand for meal and vegetable oils will be more subdued. Indonesia's palm oil ...

Source: Oilworld