The decline in the forecast of global production of vegetable oils supported the quotes
In the August report, USDA experts lowered their forecast compared to July estimates global production of vegetable oils in my 2021/22, by 1.1 million tons to 215.86 million tons, which is 8.55 million tons higher than in the previous season. In particular, the production forecast was reduced for rapeseed oil by 1.1 million tons, soybean oil – by 0.4 million tons, while it was increased for sunflower oil by 0.31 million tons and palm oil – by 0.12 million tons.
Rating global consumption of vegetable oils it was also reduced by 0.46 million tons to 212.87 million tons, which is 5.52 million tons higher than in the previous season.
Forecast final reserves of vegetable oils reduced by 0.44 million tons to the lowest level since my 2010/11 of 22.03 million tons compared to 22.61 million tons in the previous season. Most of all, the estimate of final palm oil reserves was reduced – by 0.35 million tons to 10.6 million tons, which will be the lowest in the last 10 years.
October palm oil futures on the Malaysian stock exchange on Friday recovered to the level preceding the release of the report – 4511 ringgit/ton or 1 1065/ton. prices were supported by export growth in the first decade of August by 4.2% compared to July, as evidenced by MRO data.
Forecast global sunflower oil production in 2021/22 MG, it was increased by 0.31 million tons to 22.1 million tons, which is 2.85 million tons higher than the level of the previous season. Due to the increase in the sunflower crop in Ukraine, the estimate of sunflower oil production was increased by 0.3 million tons to 7.225 million tons (5.934 million tons in 2020/21 mg), while for Russia it was reduced by 0.15 million tons to 5.844 million tons (5.141 million tons in 2020/21 MG). Accordingly, the forecast for sunflower oil exports from Ukraine was increased by 0.2 million tons to 6.55 million tons (5.38 million tons in 2020/21 MG).
Prices for sunflower oil of both the old and new crops remain at the level of F 1250-1280/ton FOB, but in the near future they may grow after the neighboring markets of palm and soybean oil.
Soybean oil on the Chicago Stock Exchange continues to rise in price, and on Friday December futures rose 3.2% to 1 1,403/ton, although in general for the month they lost 2.2% of the price.
