Global vegetable oil production forecast in 2024/25

Published 2024년 10월 9일

Tridge summary

The 2023/24 vegetable oil production campaign saw record highs in global production of sunflower, soybeans, rapeseed, and canola, with Russia and Ukraine being the main exporters of sunflower oil. However, the 2024/25 outlook shows a potential decrease in production for sunflower, rapeseed, and canola due to adverse weather conditions and projected yields, while US and South American soybean production is projected to reach record highs, leading to a increase in soybean oil production to partially fulfill the role of other vegetable oils. This is despite a expected decrease in global supply due to weather conditions and potential harvest reductions in Russia and Ukraine.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Olimerca.- The 2023/24 campaign has ended with good data in terms of global production of vegetable oils. Sunflower consolidated a record cycle and surpassed 2021/22, reaching 58.6 (Mt) according to Oil World, with Russia and Ukraine increasing their numbers by 6% and 16% between harvests, being the main exporters of oil worldwide. The same is true for soybeans, which, between an acceptable US campaign and very good South American numbers, driven by the Argentine productive recovery, reached a global peak of over 390 Mt. Meanwhile, rapeseed and canola production would have reached those superlative levels of 80 Mt again. Thus, according to the Rosario Stock Exchange, the 2023/24 oilseed harvest registered a record of almost 640 Mt, a situation to which we should add the maintenance of high production numbers of palm oil, which together led to supplies of vegetable oils reaching maximum values. Consequently, pressured by the supply side, prices fell on average 50% from the peak in ...

Source: OliMerca