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Edible oil prices have been trending higher and are now increasingly volatile due to poor market transparency and the Russian invasion of Ukraine. Post forecasts MY 2022/2023 soybean imports up to 2.8 million MT, while local soybean production remains flat.

Indonesia palm oil production is expected to reach 46 million metric tons (MMT) in 2022/23 on favorable weather and higher producer profit margins. Palm oil exports for 2021/22 are revised down from the previous update due to the Government of Indonesia’s domestic market obligation (DMO) requirement, which increased to 30 percent from 20 percent.

Due to the poultry industry’s slow recovery and sluggish consumer demand for edible oils, no significant growth in oilseed and edible oil use is forecast for 2022/23. Likewise, soybean, canola, and palm oil imports in 2022/23 are forecast to remain similar to 2021/22 levels.

Rising feed demand coupled with limited availability and higher prices for protein-rich substitutes is expected to increase China’s soybean imports to a record forecast 100 million metric tons (MMT) in Marketing Year (MY) 22/23.

Fishmeal exports reached a surprising 1.2 million metric tons (MMT) in MY 2021, the highest amount in ten years. However, production and exports are forecast to return to more normal levels at 910,000 and 896,000 metric tons, respectively.

Tunisian MY 2022/23 soybean imports are expected to reach 560,000 MT, compared to 555,000 MT in MY 2021/22. Tunisian olive oil exports are forecast to reach 135,000 MT in MY 2022/23, compared to 200,000 MT in MY 2021/22.

Turkey’s production of major oilseeds – sunflowerseeds, cottonseeds, and soybeans – in MY 2022/23 is projected to rebound from the previous year as strong prices are expected to spur increased plantings.

Turkey’s Marketing Year (MY) 2019/20 sunflowerseed area and production is estimated at 730,000 hectares (Ha) and 1.66 million metric tons (MMT), of which 1.5 MMT is for use as oilseeds.

On August 23, 2019, the People’s Republic of China’s Ministry of Finance (MOF), State Council Tariff Commission (SCTC) announced new tariffs on certain U.S. products, valued at $75 billion USD.

A 19 percent drop in rapeseed area leads to a significant, overall decline of major oilseeds area and production within the EU in MY 2019/20.

Estimated soybean production for marketing year (MY) 2019/20 (Oct.-Sept.) is revised lower to 10.5 million metric tons (MMT) on 11.2 million hectares.

Soybean meal (SBM) consumption for 2019/20 and 2018/19 are unchanged from August’s report, but down from their preceding year as domestic swine inventories continue to shrink....