Experts predict an increase in palm oil harvest in Malaysia
What is the expected palm oil harvest in producing countries around the world, including Malaysia, USDA analysts said in a February report.
According to the research, in 2021/22 Malaysia can count on an increase in the total amount of this agricultural crop by 18%, which in physical terms is about 18.7 million tons. This is 3.6 million tons more than the harvest for 2020/21 MY.
Corresponding changes are expected in related industries that are responsible for seed processing. Experts report that Malaysian palm oil will also be produced by 18% more. If in the previous year this figure was 6.934 million tons, then this year Malaysia will manage to get up to 11.216 million tons.
The forecasts also included data on a valuable feed product – sunflower meal. Its production will increase by 1 million tons compared to 2020/21 MY, which is 6.71 million tons in 2021/22 MY. This will definitely change palm oil prices in Malaysia.
The Department of Agriculture also estimated the yield of palm oil worldwide for the new period, predicting an increase in the indicator to 54.92 million tons. In 2020/21 MY this value was 61.38 million tons, which is 5.22 million tons less than the expected results in 2021.
The volume of palm production in the world in the new period is also higher than expected in 2020/21 MY: 22.56 million tons versus 20.59 million tons.
World production of palm oil is expected to reach 21.15 million tons. In 2020/21 MY, the amount of this raw material in the report was 19.19 million tons, which is 1.96 million tons less than expected in 2021/22 MY.
How to change the amount of palm oil harvest, as well as palm oil meal and oil in kind in other countries:
- In Malaysia, there will be only half a million tons more sunflower, and 0.09 million tons of feed product and oil equally;
- The forecast for the production of palm oil raw materials in Malaysia is 5.47 million tons, and oil – 5.49, which is due to the crop yield per year up to 14.5 million tons;
- In the countries of the European Union, agricultural yields are expected at the level of 10 million tons, so we should expect an increase in the results of processing products by 0.38 and 0.32 million tons for palm oil, respectively.
