Global palm oil output is seen increasing by 2.9 million tonnes in the /23 season, leading industry analyst Thomas Mielke said in a conference.
Vegetable oil prices have been volatile this year and the volatility could happen again in 2024 if production did not increase and if biodiesel policies were not made with thorough consideration, said Mielke, head of Hamburg-based analyst firm Oil World.
Palm oil production during Jan-Dec in 2022 is expected to be 78.3 million tonnes, he told participants, noting that the output trend has been on the downtrend in recent years, which he said was “alarming.”
Meanwhile, he estimated soybean output in /23 would increase by 34 million tonnes to 390 million tonnes.
