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MY 2023/24 sunflowerseed production is forecast at 1.6 million metric tons (MMT), which is down nearly 20 percent year-over-year because of drought-related losses in Thrace, Turkey’s leading sunflower producing region.
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.
Soybean imports are raised to a record 101 million metric tons (MMT) in marketing year (MY) 22/23 on surging imports, which reached 84.3 MMT through July.
Palm oil exports for 2021/22 are revised down to 25.5 million metric tons (MMT) on restrictive export policies and weaker global demand. The soybean subsidy program launched in April 2022 unexpectedly caused several importers to slowdown purchases. Feed mill demand for soybean meal continues to drive imports from South American origins.