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Indonesia’s palm oil export estimates for 2024/25 are lowered due to the rollout of the new B40 Biodiesel mandate which is expected to raise domestic industrial palm demand by 2 percent.

Indonesia’s B40 biodiesel blending mandate program, which is expected to roll out in 2025, is projected to increase palm oil use by 3 percent to 22 million metric tons in 2024/25. Soybean consumption recovered in 2023/24 as soybean retail prices continue to decrease.

Indonesia palm oil exports are estimated to decline to 26.5 million metric tons (MMT) in 2023/24 on lower output and weaker demand from key destination markets. Post revised down 2023/24 palm oil production to 45.6 MMT as 2023’s El Nino led to much lower yields than previously anticipated.

India’s oilseeds production in marketing year (MY) 2024/25 (October-September) is forecast to reach 41.9 million metric tons (MMT), a marginal drop from MY2023/2024 estimate of 42.7 MMT due weaker prices for Indian producers, limited agricultural input availability, and weather trends.

Despite economic challenges and high feed prices, demand for feed is expected to grow in Bangladesh as large commercial poultry farms expand their operations and some major feed producers have initiated contract poultry farming.

Indonesia palm oil production for 2023/24 is revised down slightly to 45.8 million metric tons (MMT) due to lower yields from El Nino-induced dryness. Soybean consumption for 2022/23 is revised down on slower demand from the food sector. Reduced use...

India’s soybean oilseed and rapeseed production estimates for marketing year (MY) 2022/23 (October-September) increased to 12.4 and 11.8 million metric tons (MMT) respectively due to favorable weather conditions.

El-Nino weather patterns, which bring less rain than normal, are expected to peak in August to September 2023.

Due to the recent ban on genetically engineered (GE) commodity imports, the 2022/23 soybean import forecast is reduced from 2.5 to 1.2 million tons. With the lower expected soybean imports, 2022/23 crush and soybean meal output is reduced accordingly.