According to Oil World, the global soybean oil exports in 2023/24 MY may be lower than previously expected amid the growing consumption of the product in South America and the US.
Thus, last week, the Brazilian government decided to increase the biofuel mandate to 14% starting from March 1, 2024, thus, the country’s biodiesel production in 2024 may reach at least 7.3 mln tonnes, compared to 6.45 mln tonnes in 2023 and 5.47 mln tonnes in 2022.
In this regard, analysts forecast the decline of global soybean oil exports in the current season (October-September) to the minimum for the last 6 years – 11.5 mln tonnes, which is 0.5 mln tonnes down from 2022/23 MY and 1.5 mln tonnes down from 2021/22 MY.
Source: Apkinform