USDA experts expect global vegetable oil production to increase

Next season, the volume of world vegetable oil production may increase by 3% due to the increase in soybean and palm oil production, as well as the recovery in the olive sector. Such forecast was announced by specialists of the US Department of Agriculture (USDA) in its May report.

Thus experts expect growth of production of rape and palm kernel oil in 2023/24 MY, while indicators on sunflower, cotton and peanut oil will remain approximately at the same level.

USDA forecasts that global oil consumption will increase by 6.7 million tons (or almost 3%): this will be mainly due to the increase in production of palm and soybean oils.

Global trade in 2023/24 season will be slightly strengthened due to recovery of situation on Argentine soybean market, and also increase of production and export of Indonesian palm oil.

Vegetable oil ending stocks will increase by nearly 2%, to 30.6 million tons, the USDA assumes. Most of this growth is projected in China, India, Pakistan and Bangladesh.

Tags: rapeseed oil, cottonseed oil, sunflower oil, USDA Report