USDA experts adjusted forecasts for global vegetable oils and meal production
Crude Canola Oil & Rapeseed Oil
Refined Soybean Oil
Published Feb 12, 2024
Tridge summary
The U.S. Department of Agriculture (USDA) has revised its forecast for global vegetable oil production in the 2023/24 season to approximately 222.83 million tons, down from the previous estimate of 223.03 million tons. The report also adjusts the estimated output of various types of oil, with increases for rapeseed and palm kernel oil, and decreases for olive, peanut, soybean, and sunflower oil. The production estimate for meal has also been slightly lowered.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.
Original content
The volume of world production of vegetable oil in the season-2023/24 will be about 222.83 million tons against 217.67 million tons in the past agricultural year. Such data are contained in the February report of analysts at the U.S. Department of Agriculture (USDA), which for the month adjusted the figure for 2023/24 MY downward from 223.03 million tons. In particular, experts increased the estimate of rapeseed oil output from January’s 33.29 million tons to 33.41 million tons, palm kernel oil – from 9.03 million tons to 9.1 million tons. At the same time, the forecast for olive oil was lowered from 2.5 million tons to 2.31 million tons, for peanut oil from 6.33 million tons to 6.32 million tons, for soybean oil from 61.91 million tons to 61.89 million tons, and for sunflower oil from 21.8 million tons to 21.63 million tons. The other figures remained unchanged: coconut oil, 3.76 million tons; cottonseed oil, 4.94 million tons; and palm oil, 79.46 million tons. As for meal, ...
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