The world production of eight key vegetable oils (soybean, rapeseed, palm, sunflower, cottonseed, coconut, palm kernel, peanut) in 2017/18 MY will increase by 3.6% per year - to 187.1 million tons, according to the Fat-and-Oil Union of Russia.
It is specified that this growth will be mainly provided by soybean and palm oils, whose production volumes will increase by 3.6 million tons and 2.1 million tons, respectively. Production of other types of oils will increase by a total of only 0.9 million tons, while the output of sunflower and rapeseed oils will increase insignificantly compared with the level of 2016/17 MY.
World consumption of vegetable oils in 2017/18 MY will increase by 6.9 million tons per year - up to 185.6 million tons. At the same time, the USA expects a significant increase in the consumption of soybean oil after an increase in import duties on biodiesel from Argentina and Indonesia. The volume of world export of oils will increase by 3.07 million tons per year - up to 83.6 million tons.
