# W5 Palm Oil Update: Indonesia Forecasts 9.08% YoY Surge in Palm Oil Consumption in 2024, India to Bolster Domestic Oilseed Production

> Indonesia's 2024 crude palm oil domestic consumption is forecast to rise 9.08% to 25.40 million tonnes, driven by food, biodiesel and oleochemical demand. The trade ministry also set the February reference price at US$806.40/MT and reported Ganoderma stem rot affecting about 46.76 thousand hectares of smallholder plantations.

- Date: 2024-02-07 · published 2024-02-07T12:00:00.000Z
- Category: report · region Indonesia · magnitude medium
- Page: https://feedsoft.ai/events/15669-w5-palm-oil-update-indonesia-forecasts-9-08-yoy-surge-in-palm-oil-consumption
- Commodities: [Palm Oil](https://feedsoft.ai/c/PALMOIL.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md)

## Why it matters

Rising domestic consumption reduces the export surplus available to world markets, supporting palm oil prices, while Ganoderma losses add modest supply risk.

## Read by commodity

- SBO: bullish ▲
- PALMOIL: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| PALMOIL | 2025-05-31 | [CPO Stock Declines, Domestic Production and Consumption Surge in March 2025 - Gabungan Pengusaha Kelapa Sawit Indonesia (GAPKI)](https://feedsoft.ai/events/15562-cpo-stock-declines-domestic-production-and-consumption-surge-in-march-2025.md) | +2.3% | +3.8% |
| PALMOIL | 2025-02-13 | [BERNAMA - CPOPC Forecasts Modest 2025 Growth In Palm Oil Production](https://feedsoft.ai/events/26151-bernama-cpopc-forecasts-modest-2025-growth-in-palm-oil-production.md) | +1.4% | -0.3% |
| PALMOIL | 2017-02-02 | [Palm Oil Production Indonesia Fell 3% in 2016, Exports Down 5% \| Indonesia Investments](https://feedsoft.ai/events/12326-palm-oil-production-indonesia-fell-3-in-2016-exports-down-5-indonesia.md) | +2.1% | -5.8% |
| PALMOIL | 2016-12-19 | [Indonesia state research firm sees 2016 palm oil production down 2.3 percent](https://feedsoft.ai/events/73378-indonesia-state-research-firm-sees-2016-palm-oil-production-down-2-3-percent.md) | -1.2% | -0.3% |
| PALMOIL | 2022-12-20 | [USDA lowers 2022/23 global oilseed production forecast by 1M tonnes](https://feedsoft.ai/events/38366-usda-lowers-2022-23-global-oilseed-production-forecast-by-1m-tonnes.md) | +0.6% | +1.7% |
| SBO | 2024-12-11 | [Forecast for U.S. Oilseed Production in 2024–2025 – Market-Tracker](https://feedsoft.ai/events/27058-forecast-for-u-s-oilseed-production-in-2024-2025-market-tracker.md) | -2.0% | -2.2% |
| SBO | 2025-05-31 | [CPO Stock Declines, Domestic Production and Consumption Surge in March 2025 - Gabungan Pengusaha Kelapa Sawit Indonesia (GAPKI)](https://feedsoft.ai/events/15562-cpo-stock-declines-domestic-production-and-consumption-surge-in-march-2025.md) | -2.3% | +5.8% |
| SBO | 2022-12-07 | [Indonesia's palm oil exports to hit record high, despite production shortfall - Grain Price News](https://feedsoft.ai/events/15771-indonesia-s-palm-oil-exports-to-hit-record-high-despite-production-shortfall.md) | -1.4% | -5.2% |

## Sources

- tridge.com: https://www.tridge.com/weekly-product-updates/w5-palm-oil-update-indonesia-forecasts-908-yoy-surge-in-palm-oil-consumption-in

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.