Global 2016/17 vegetable oil production to hit record level: USDA
In Washington, the USDA estimates that in 2016/17 global production of vegetable oils will amount to just less than 187 million tonnes, the highest quantity ever, according to the German treade association UFOP. Palm oil, soybean oil, rapeseed oil and sunflower oil account for around 87 per cent of production.
The remainder consists of coconut oil, olive oil and peanut oil, among others. Palm oil and sunflower oil are expected to see the biggest rise in production in 2016/17, with volumes up approximately 10 per cent from the previous year. Palm oil production is predicted to recover from its sharp slump in the wake of El Niño in 2015/16 and is headed for a record high. Soybean oil production is estimated to increase by 3 per cent over last year, which will also translate to a record level. Only rapeseed oil is anticipated to see a decline to around 26.6 million tonnes. The falloff is due to a significant drop in feedstock supply on a global scale, Agrarmarkt Informations-Gesellschaft mbH reports.
Category: Fuels
