USDA increased the estimate of world production of vegetable oils

Published 2024년 4월 12일

Tridge summary

The U.S. Department of Agriculture (USDA) has revised its global vegetable oil production forecast for the 2023/24 season, predicting an increase to 223.17 million tonnes, up from 217.88 million tonnes the previous year. This update includes minor adjustments across various types of oils, with increased production estimates for rapeseed oil, cottonseed oil, sunflower oil, and palm oil, but slight decreases for peanut oil and soybean oil. Additionally, the report highlights an overall increase in meal production estimates to 369.6 million tonnes. Notable figures in the forecast include 34.01 million tonnes for rapeseed oil, 21.8 million tonnes for sunflower oil, and 79.48 million tonnes for palm oil.

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

Original content

The global production of vegetable oil in the season-2023/24 will amount to about 223.17 mln tonnes against 217.88 mln tonnes in the previous agricultural year. Such data is contained in the April report of the analysts of the U.S. Department of Agriculture (USDA), who adjusted the figure for 2023/24 MY upward from 222.85 mln tonnes. In particular, the experts increased the estimates of rapeseed oil production from 33.79 mln tonnes in March to 34.01 mln tonnes, cottonseed oil – from 4.95 mln tonnes to 4.96 mln tonnes, sunflower oil – from 21.66 mln tonnes to 21.8 mln tonnes, and palm oil – from 79.46 mln tonnes to 79.48 mln tonnes. At the same time, the forecast for peanut oil was lowered from 6.14 million tons to 6.13 million tons, and for soybean oil from 61.68 million tons to 61.63 million tons. Other indicators remained unchanged: coconut oil – 3.77 million tons; olive oil – 2.29 million tons; palm kernel oil – 9.1 million tons. As for meals, this category was also adjusted. ...

Source: UkrAgroConsult