# USDA increased the estimate of world production of vegetable oils

> The USDA April report raised its 2023/24 world vegetable oil production estimate to 223.17 million tonnes from 222.85 million. Rapeseed, sunflower and palm oil output were raised while soybean oil was trimmed, and world meal production was lifted to 369.6 million tonnes.

- Date: 2024-04-12 · published 2024-04-12T12:00:00.000Z
- Category: report · region Global · magnitude medium
- Page: https://feedsoft.ai/events/30861-usda-increased-the-estimate-of-world-production-of-vegetable-oils
- Commodities: [Palm Oil](https://feedsoft.ai/c/PALMOIL.md), [Soybean Meal](https://feedsoft.ai/c/SBM.md), [Sunflower Meal](https://feedsoft.ai/c/SUNMEAL.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md), [Canola Meal](https://feedsoft.ai/c/CANMEAL.md)

## Why it matters

Higher global meal output, including rapeseed and sunflower meal, adds to protein supply and is mildly bearish for meal prices. The soybean oil cut is small and gives limited support to oil values.

## Read by commodity

- SBM: bearish ▼
- SBO: neutral
- CANMEAL: bearish ▼
- PALMOIL: neutral
- SUNMEAL: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| PALMOIL | 2022-02-04 | [Marine ingredients production – World Fishing](https://feedsoft.ai/events/42616-marine-ingredients-production-world-fishing.md) | +0.6% | +14.5% |
| PALMOIL | 2021-12-20 | [Palm oil production expected to return in earnest next year: OCBC](https://feedsoft.ai/events/43694-palm-oil-production-expected-to-return-in-earnest-next-year-ocbc.md) | +1.3% | +11.0% |
| PALMOIL | 2023-12-28 | [IFFO: Peru's fishing woes drive world fishmeal, oil production dip - Undercurrent News](https://feedsoft.ai/events/32480-iffo-peru-s-fishing-woes-drive-world-fishmeal-oil-production-dip-undercurrent.md) | -2.2% | +2.0% |
| PALMOIL | 2023-08-30 | [Rapeseed prices fell on forecasts of increased acreage in Ukraine, despite a decrease in the forecast for the canola harvest in Canada](https://feedsoft.ai/events/34691-rapeseed-prices-fell-on-forecasts-of-increased-acreage-in-ukraine-despite-a.md) | +0.6% | -3.1% |
| PALMOIL | 2024-06-01 | [Palm Oil Production, Exports and Consumption Up](https://feedsoft.ai/events/30355-palm-oil-production-exports-and-consumption-up.md) | +2.4% | +2.1% |
| SBM | 2018-10-18 | [In 2018/19 MY, Ukraine to increase the production of vegetable oils and meals — APK-Inform](https://feedsoft.ai/events/62658-in-2018-19-my-ukraine-to-increase-the-production-of-vegetable-oils-and-meals.md) | -5.4% | -5.6% |
| SBM | 2020-07-20 | [India oilseed production on the rise \| 2020-07-20  \| World Grain](https://feedsoft.ai/events/52220-india-oilseed-production-on-the-rise-2020-07-20-world-grain.md) | +1.5% | +1.1% |
| SBM | 2025-09-12 | [USDA Ups Corn and Soybean Production Estimates](https://feedsoft.ai/events/22795-usda-ups-corn-and-soybean-production-estimates.md) | -1.4% | -5.4% |

## Sources

- ukragroconsult.com: https://ukragroconsult.com/en/news/usda-increased-the-estimate-of-world-production-of-vegetable-oils/
- tridge.com: https://www.tridge.com/news/usda-increased-the-estimate-of-world-product-tlldgy

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