Global vegetable oil production to hit a 4-year high, which could lead to lower prices

Other Edible Vegetable Oil
Published Oct 21, 2021

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Global production of four vegetable oils, namely palm oil, sunflower oil, soybean oil and rapeseed oil, is expected to grow by about seven million tons in the period 2021/2022, the largest increase in four years, predicts the head of OILWORLD (Germany) Thomas Milke.

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According to the analyst, this will happen after two years of global production shortages and a sharp decline in vegetable oil reserves, reports with reference to The Star. “If these predictions come true, vegetable oil prices will decline and meal prices will rise relatively higher over the course of the year,” he said in a slide presentation during today's Malaysian Palm Oil Council (MPOC) online seminar “Price Indicators trends ". Thomas Milke said that global palm oil production only recovered 1.7 million tonnes between October 2020 and September 2021. According to him, this season (2021/2022) an increase of 3.5 million to four million tons is expected. Production in Indonesia is expected to rise by 1.7-2 million tons, production in Malaysia is projected to increase by 1 million to 1.2 million tons, and production in other countries will be about 0.8 million tons. "In Malaysia, the average palm oil harvest is likely to fall to a 20-year low in 2021, with total ...
Source: Oilworld
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