# USDA experts raised forecasts for global production of edible oils and meals

> The USDA's December report raised its 2023/24 global vegetable oil production forecast to about 223.6 million tonnes from 217.21 million tonnes the prior year. Rapeseed meal and soybean meal production estimates were also nudged higher, while cottonseed oil was trimmed slightly.

- Date: 2023-12-11 · published 2023-12-11T12:00:00.000Z
- Category: report · region Global · magnitude medium
- Page: https://feedsoft.ai/events/32819-usda-experts-raised-forecasts-for-global-production-of-edible-oils-and-meals
- Commodities: [Soybean Meal](https://feedsoft.ai/c/SBM.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md), [Canola Meal](https://feedsoft.ai/c/CANMEAL.md), [Palm Oil](https://feedsoft.ai/c/PALMOIL.md)

## Why it matters

Higher global oilseed meal output is mildly bearish for meal prices, while the larger vegetable oil supply weighs on oil prices.

## Read by commodity

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

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SBM | 2026-05-14 | [USDA forecasts sharp growth in global oilseed production in MY 2026/27 - AgriInsite](https://feedsoft.ai/events/19371-usda-forecasts-sharp-growth-in-global-oilseed-production-in-my-2026-27.md) | -2.8% | -9.8% |
| SBM | 2026-04-10 | [USDA slightly raised its forecast for global oilseed production, so prices remain under pressure from increased supply](https://feedsoft.ai/events/19842-usda-slightly-raised-its-forecast-for-global-oilseed-production-so-prices.md) | +4.4% | +2.0% |
| SBM | 2018-08-10 | [Soybeans, Grains Plunge After USDA Raises Production Forecasts](https://feedsoft.ai/events/63478-soybeans-grains-plunge-after-usda-raises-production-forecasts.md) | +0.2% | -5.9% |
| SBM | 2017-06-29 | [In 2017 – 2018г. global production of oil meals will reach a new record](https://feedsoft.ai/events/70616-in-2017-2018-global-production-of-oil-meals-will-reach-a-new-record.md) | +8.6% | +9.4% |
| SBM | 2020-08-12 | [India oilseed production forecast to rise](https://feedsoft.ai/events/51723-india-oilseed-production-forecast-to-rise.md) | +5.0% | +10.2% |
| SBO | 2023-07-13 | [Palm oil falls over 2% on higher global edible oils output forecast - Markets - Business Recorder](https://feedsoft.ai/events/35140-palm-oil-falls-over-2-on-higher-global-edible-oils-output-forecast-markets.md) | -2.4% | -2.6% |
| SBO | 2022-09-12 | [USDA lowers forecast for soybean oil use in biofuel production  \| Biomass Magazine](https://feedsoft.ai/events/39665-usda-lowers-forecast-for-soybean-oil-use-in-biofuel-production-biomass-magazine.md) | +0.3% | -6.6% |
| SBO | 2023-02-13 | [USDA raised the forecast for Ukrainian sunflower oil](https://feedsoft.ai/events/37435-usda-raised-the-forecast-for-ukrainian-sunflower-oil.md) | +1.7% | -1.8% |

## Sources

- ukragroconsult.com: https://ukragroconsult.com/en/news/usda-experts-raised-forecasts-for-global-production-of-oils-and-meals/

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