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FAS New Delhi estimates India’s rapeseed-mustard production for marketing year (MY) 2023/2024 (October-September) at 11.9 million metric tons (MMT), harvested from 9.3 million hectares following favorable cold weather during the rabi crop season.
Post revised down Indonesia palm oil exports estimate to 27.9 million metric ton (MMT) on lower supplies, higher domestic use and expected reduced export demand for 2023/24. Palm oil use for the biodiesel industry is revised down to 12.3 MMT for 2023/24 on lower-than-expected biodiesel distribution in 2023.
Dry weather and high temperatures in the last months of 2022 have damaged the Marketing Year (MY) 2022/23 Argentine soybean crop, particularly affecting first crop soybeans within a 125 kilometer radius of Rosario, Santa Fe Province.
On January 11, 2023, India’s Ministry of Commerce and Industry/Directorate General of Foreign Trade (DGFT) issued Public Notice No. 50/2015-20. The notice specifies that India amended its previous tariff-rate quota of 2 million metric tons for crude soybean oil, previously allowable at a zero percent duty through Indian fiscal years (IFY) 2022/23 and 2023/24 (April 1-March 31).
Post maintains the projections for 2021/22 and updates MY 2022/23 with an optimistic outlook on production resulting from good weather conditions and an improved labor situation.