World vegetable oil production expected to increase
By the January forecasts of Oil World experts, in MY2018/19 the world production of vegetable oils will continue its growth and reach 196.2 million tons by the end of the season. However, the annual production increase in the current season will drop to 5 million tons against 9.4 million tons the previous marketing year and 13.7 million tons in MY2016/17.
According to experts, the slowdown in production may be due to a reduction in the annual increase in the production of soybean and palm oils to 3 and 0.6 million tons in MY2018/19, compared to 5 and 2.4 million tons in the previous season, respectively.
However, experts expect that in the current season the global production of sunflower oil may increase by 1.1 million tons per year up to 20.1 million tons.
It is noted that a decline in the annual growth in the production of vegetable oils in the current season would be observed despite an increase in the global consumption of this product to 196.02 million tons against 187.7 million tons in MY2017/18.