Global production of soybean oil in season 2022/23 may decrease to 58.9 mln tons. Such forecast was published by specialists of the Hamburg analytical agency OilWorld (Germany) in their report, having lowered the estimate compared to March one by 0.3 mln tons. In 2021/22 MY the world production level was 59.8 mln tons.
As experts explain, the decline in soybean oil production in the current season is expected in Argentina, EU countries and China – by 1.4 million tons, 0.3 million tons and 2.2 million tons respectively. At the same time growth is expected in Brazil (by 0.7 million tons) and USA (by 0.1 million tons).
OilWorld (Germany) forecasts that in 2022/23 season the world export of soybean oil will decrease by 1.3 million tons to 11.75 million tons.
Analysts, however, are maintaining their estimate of soybean oil sales from Argentina at 4.25 million tons (-0.75 million tons per year), even though the country is experiencing its worst drought since last century, which has already partially affected domestic oil and fats plants.
Source: Oleoscope