Vegetable oil production will rise to a new record in 2017/18

In Germany, UFOP reports that the USDA expects global vegetable oil production to hit a new record at 195 million tons in 2017/18. Palm and soybean oil are anticipated to increase particularly strongly, but rapeseed oil production is also projected to surge.

According to the USDA estimate, 2017/18 world vegetable oil production will probably rise 5 per cent from the previous year to a record high of 195 million tonnes. Palm, soybean, rapeseed and sunflower oil account for more than 87 per cent of that figure. Other vegetable oils include coconut, olive and peanut oil. Palm oil production is likely to increase most sharply, at 7.3 per cent, in 2017/18. The reason for the pronounced growth in output is that Southeast Asian plantations are continuously recovering from the drought suffered during the El Niño year of 2015/16. Soybean oil is forecast to rise 4.1 per cent.