Monthly Report Highlights Export and Import Trends for Soybean and Palm Oil
The US Department of Agriculture (USDA) Foreign Agricultural Service provides monthly updates on the global trade, production, consumption, and stocks of key oilseeds. USDA’s March 2024 update to their “Oilseeds: World Markets and Trade” report highlights trends in soybean, palm, rapeseed, and other commodities.
Brazil had the highest soybean oilseed exports of 100 million metric tons in 2022/2023. This is projected to increase by 3 million to 103 million metric tons in 2023/2024.
Meanwhile, China had the highest soybean oilseed imports of 102 million metric tons in 2022/2023, mostly from Brazil and the United States. Imports are also projected to increase by 3 million to 105 million metric tons in 2023/2024.
The projected US season-average farm price for soybeans is $12.65 per bushel. A metric ton of soybean, soybean meal, and soybean oil requires 36.74 bushels, 42.08 bushels, and 206 bushels of soybeans, respectively.
Meanwhile, March 2024 export prices of US soybean, soybean meal, and soybean oil per metric ton have decreased to $449, $399, and $1,067, respectively. These are decreases of $18, $31, and $12, respectively, from February 2024.
The countries with the highest palm oil production and exports are Indonesia and Malaysia. They produced 47 million metric tons and 19 million metric tons, respectively, for February 2023/2024. Exports were 28.2 million metric tons and 16.2 million metric tons, respectively, in February 2023/2024.
Meanwhile, India and China have the highest imports of palm oil, at 9.3 million metric tons and 6.4 million tons, respectively, in February 2023/2024.
Canada is the highest exporter of rapeseed products, most notably 7.954 million metric tons of rapeseed oilseed in 2022/2023. This is projected to decrease to 7.55 million metric tons in 2023/2024.
China and India have the highest production and consumption of peanut oil and cottonseed oil, while the European Union has the highest production and consumption of olive oil.
Meanwhile, the United States as a single country has the highest olive oil import and consumption, at 371,000 metric tons and 374,000 metric tons in 2022/2023, respectively.
Note: 1 metric ton ≈ 1.10 tons (about 2,200 lbs)
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