Global production of soybean can rise by 10% y/y to 352.2 mln tonnes in 2022/23 MY amid higher crops in South America, Peter Clubb, Market Analyst with the International Grains Council said at Fat-and-Oil Industry-2022 conference in Warsaw.
“Particularly, the highest growth of soybean production is expected in Paraguay – by 135% to 10 mln tonnes, as well as in Brazil – by 175 to 145 mln tonnes, Argentina – by 9% to 48 mln tonnes. Additionally, China can increase soybean crop by 19% to 19.5 mln tonnes. At the same time, the USA can cut the production by 1.6 mln tonnes to 119.2 mln tonnes”, – the expert said.
He also noted the world rapeseed crop might reach 82.3 mln tonnes, up by 12% y/y.
Additionally, P. Clubb pointed that the global consumption of vegetable oils would reach the new high in 2022/23 MY amid restoring of public catering sector after cancelation of COVID-19 restrictions, particularly in China. Moreover, more competitive prices of palm oil as well as strong demand from biodiesel segment will push the consumption higher.
“In 2022/23 MY, the biodiesel production may reach record high in the world. Higher consumption of vegetable oils in the biodiesel sector is observed in the USA, Argentina and Indonesia”, – P. Clubb said.
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