SOYBEAN OIL : In their September report raised the forecast for global soybean oil production in 2022/23 MY by 1.5 million tons, to 61.63 million tons, which was primarily due to an increase in soybean production in some countries. (Report By Oil World)
In particular, experts raised the forecast for the production of soybean oil in China – by 0.4 million tons, up to 16.8 million tons, in Argentina – by 0.3 million tons, up to 7.9 million tons, in India and the USA – by 0 .2 million tons each, up to 1.5 and 12 million tons, respectively, and in Brazil – by 0.1 million tons, up to 10.2 million tons.
World exports of soybean oil in 2022/23 MY, according to their forecast, can reach 13.2 million tons, while the annual increase will be quite insignificant (+0.05 million tons). Oil World (Germany) analysts predict that the prospect of increasing the export of the product from Brazil .
Which actively increased it in the 2021/22 season, is small, especially if the Brazilian government decides to increase the biofuel mandate from 10% to 13%. Thus, experts predict the export of vegetable oil from Brazil in the new season at the level of 2.45 million tons.
At the same time, Argentina in 2022/23 MY will increase the export of the product by 0.2 million tons per year, up to 5.3 million tons.
Oil World (Germany) analysts expect world stocks of soybean oil in MY 2022/23 at 6.25 million tons, which is higher than the forecast for the current season (6.17 million tons)