USDA experts adjusted forecasts of world production of edible oils and meals
Ukraine
Market & Price Trends
Published Jan 16, 2024
Tridge summary
The U.S. Department of Agriculture (USDA) predicts that global vegetable oil production for 2023/24 will reach 223.03 million tonnes, a decrease from the previous estimate of 223.6 million tonnes. They have adjusted the production forecast for various types of oil, with increases in rapeseed oil and decreases in olive oil, peanut oil, soybean oil, and sunflower oil. The production estimate for meals has also been reduced, with lower forecasts for rapeseed meal, soybean meal, and sunflower meal.
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 global production of vegetable oil in the season-2023/24 will amount to about 223.03 mln tonnes against 217.18 mln tonnes in the previous agricultural year. Such data is contained in the January report of the analysts of the U.S. Department of Agriculture (USDA), who adjusted the figure for 2023/24 MY downward from 223.6 mln tonnes. In particular, the experts increased the estimate of rapeseed oil production from 33.2 mln tonnes in December to 33.29 mln tonnes. At the same time, the forecast for olive oil was lowered from 2.89 million tons to 2.5 million tons, for peanut oil from 6.34 million tons to 6.33 million tons, for soybean oil from 61.93 million tons to 61.91 million tons, for sunflower oil from 22.05 million tons to 21.8 million tons. Other indicators remained unchanged: palm oil – 79.46 million tons; coconut oil – 3.76 million tons; cottonseed oil – 4.94 million tons. As for meals, this category was also adjusted. The estimate of the production of this product was ...
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