In the global vegetable oil market this season, there is a weakening in the supply in comparison with the predicted long-term trend, which can be resumed in two cases – with an increase in the production of palm oil and an increase in the volume of processing of oilseeds . This forecast was voiced by LMC International experts.
With regard to the prospects for increasing palm oil production in Indonesia, experts noted that the rate of planting of new oil palms has slowed down, and this year the increase in area may be only 40,000 hectares, which is one fifth of the usual level in previous years.
Oilseeds (soybean and rapeseed) processing volumes are gradually recovering , thanks to the growth of the canola crop in Canada after a severe drought, as well as in the EU and Australia.
In turn, the increase in soybean processing in the US and Brazil compensates for its reduction in Argentina, where soybean production has decreased by 20-22 million tons.
At the same time, experts note that the increase in the production of soybean oil in the United States will be directed more to domestic consumption by the biofuel industry. At the same time, Brazil may continue to actively export the product to foreign markets, although a significant part of the raw materials will also be directed to its own biofuel industry.
Source: Apkinform
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