USDA Forecast: Global Vegetable Oil Production to Reach a New Record in 2024

According to the latest forecast from the United States Department of Agriculture (USDA), global vegetable oil production is expected to reach a new record of 224.2 million tons in the current marketing year

This figure surpasses last year’s production by 2.7 million tons.

Global consumption is projected to reach 221.7 million tons, an increase of 5.3 million tons compared to the previous year. In this context, global stocks at the end of the marketing year could decrease to 29.6 million tons, lower than last year and below the long-term average.

A study conducted by Agrarmarkt Informations-Gesellschaft (mbH) indicates that palm oil production will again reach a record volume in 2024/25. However, the USDA has revised its previous estimates downward, now anticipating a production of 79.8 million tons, 0.8 million tons more than in 2023/24.

A significant increase is also expected in soybean oil production, which could reach a record 65.5 million tons, up by 3.2 million tons. For rapeseed oil, a new record of 34.2 million tons is anticipated.

On the other hand, the USDA forecasts a decline in sunflower oil production in 2024/25, mainly due to a drop of over 1 million tons in Ukraine. The global estimate for this type of oil is 20.6 million tons, nearly 2 million tons below the previous year’s level, representing the lowest volume since 2021/22.

The global oilseed market and its outlook will be analyzed in detail at the “BLACK SEA OIL TRADE 2024” event, which will take place in Bucharest.