India Tariff Cut Boosts Palm Oil Imports

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United States Department of Agriculture Foreign Agricultural Service December 2020 Approved by the World Agricultural Outlook Board/USDA India Tariff Cut Boosts Palm Oil Imports Source: International Grains Council (Note on FOB prices: *U.S. & S. America average, **Canada & EU average, ***Ukraine, ****Malaysia) India, the world’s largest importer of palm oil, cut its crude palm oil tariff 10 percentage points in late November to curb rising food prices. Palm oil export prices have soared over 60 percent since May, their highest levels in 6 years. The high cost of vegetable oils, coupled with the economic impact of COVID-19, constrained India demand and imports in 2019/20. In response to the tariff reduction, the 2020/21 palm oil import forecast is up 200,000 tons as the lower tariff will make palm oil more affordable to consumers. The sunflower oil forecast is reduced 100,000 tons in response to tight global supplies and the additional palm oil in the market. Demand for vegetable oil is expected to recover assuming an improving economy in 2021 as the impact of COVID-19 diminishes over time. Prices of all major vegetable oils have strengthened considerably since May. Adverse growing conditions in key production areas have combined with strong demand in China to boost underlying oilseed prices. These have translated to the 500 600 700 800 900 1,000 1,100 1,200 5/4-8 5/11-15 5/18-22 5/25-29 6/1-5 6/8-12 6/15-19 6/22-26 6/29-7/3 7/6-10 7/13-17 7/20-24 7/27-31 8/3-7 8/10-14 8/17-21 8/24-28 8/31-9/4 9/7-11 9/14-18 9/21-25 9/28-10/2 10/5-9 10/12-16 10/19-23 10/26-30 11/2-6 11/9-13 11/16-20 11/23-27 11/30-12/4 Dollars/Metric Ton Weekly FOB Vegetable Oil Export Bids (May to November 2020) Soybean Oil* Rapeseed Oil** Sunflower Oil*** Palm Oil****

Transcript of India Tariff Cut Boosts Palm Oil Imports

Page 1: India Tariff Cut Boosts Palm Oil Imports

United States Department of Agriculture Foreign Agricultural Service December 2020

Approved by the World Agricultural Outlook Board/USDA

India Tariff Cut Boosts Palm Oil Imports

Source: International Grains Council (Note on FOB prices: *U.S. & S. America average, **Canada & EU average, ***Ukraine, ****Malaysia)

India, the world’s largest importer of palm oil, cut its crude palm oil tariff 10 percentage points in late November to curb rising food prices. Palm oil export prices have soared over 60 percent since May, their highest levels in 6 years. The high cost of vegetable oils, coupled with the economic impact of COVID-19, constrained India demand and imports in 2019/20. In response to the tariff reduction, the 2020/21 palm oil import forecast is up 200,000 tons as the lower tariff will make palm oil more affordable to consumers. The sunflower oil forecast is reduced 100,000 tons in response to tight global supplies and the additional palm oil in the market. Demand for vegetable oil is expected to recover assuming an improving economy in 2021 as the impact of COVID-19 diminishes over time. Prices of all major vegetable oils have strengthened considerably since May. Adverse growing conditions in key production areas have combined with strong demand in China to boost underlying oilseed prices. These have translated to the

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Soybean Oil*Rapeseed Oil**Sunflower Oil***Palm Oil****

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higher oil prices currently seen, along with slowing palm oil production in Indonesia and Malaysia that has reduced exportable supplies. Since November 2019, the price spread has narrowed between palm oil and other oils as high prices encourage a shift to less expensive oils such as palm. As long as vegetable oil prices remain elevated, these trends are expected to continue.

MARKET FEATURES Algeria Expands Soybean Imports for New Crush Facility

Algeria soybean imports have grown considerably, up from less than 150 tons in 2017/18 to more than 550,000 tons in 2019/20. According to the U.S. Soybean Export Council (USSEC), the first soybean crush facility in Algeria began operation in early 2020. Algeria is expected to be a growth market for soybean exports as crush capacity continues to ramp up. Since 2018, more than half of Algeria’s soybean imports have come from Brazil, about 20 percent from the United States, and the remaining supplied by Canada and Ukraine. In 2017/2018, Algeria was one of the larger importers of soybean meal, importing 1.5 million tons, driven by the poultry feed industry. However, over the past 2 years, soybean meal and oil imports have declined and are expected to fall further as poultry feed demand and food oil consumption are increasingly met by domestic crush.

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Meal Oil Beans

Foreign Agricultural Service/USDA 2 December 2020Global Market Analysis

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If Algeria follows a similar trend to Egypt, Tunisia, Bangladesh, and Pakistan - four countries that launched or expanded soybean crush capacity in the past 15 years – soybean processing could eventually account for 90 percent or more of total soybean meal consumption. History also shows the addition of a processing facility tends to precede an acceleration in meal and oil consumption growth, with the markets noted earlier growing between two and nine-fold over the 10 years after the facility was established. This opens opportunities for U.S. soybean exports which, combined with Brazil, account for around 85 percent of global soybean trade. A soybean balance sheet was added to the FAS database along with product production this month. EU Imposes 25% Duty on U.S. Peanuts, Impact Unclear

The EU imposed a 25% duty on U.S. peanuts, both inshells (120241) and kernels (120242). Blanched peanuts, exported under chapter 20 of U.S. Harmonized codes, are also included as they are classified as kernels upon entering the EU. The duty became effective November 10 but excludes peanuts loaded and shipped prior to that date. A 25% duty on U.S. peanut butter has been in effect since June 20, 2018.

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Foreign Agricultural Service/USDA 3 December 2020Global Market Analysis

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In the 5 years prior to 2019/20, U.S. exports to the EU accounted for roughly 27 percent of total peanut exports, about equal to the export share to Mexico and Canada and worth around $160 million.

Total value shipped in the 12-months ending July 2020, corresponding to the U.S. peanut marketing year, declined significantly to $80 million. Total peanut volume in 2019/20 declined to roughly half the level of the previous year at 82,000 tons inshell basis with total export share falling to 11 percent.

The decline in U.S. exports in 2019/20 was in response to large supplies and aggressive pricing of Argentine kernels which impacted export volumes from all markets. Sales of inshell peanuts from the U.S. which do not compete with Argentina were unaffected and near the 2018/19 level.

Peanut butter exports were down 80 percent in value and 84 percent in volume from 2017/18 prior to imposition of higher duties late in the marketing year. It should be noted that EU peanut butter imports from Canada jumped nearly nine-fold to 5.4 million tons. As these are mostly manufactured from U.S. peanuts, the net reduction in U.S. exports of peanut butter produced using U.S. peanuts is considerably smaller at just over one-third.

The effect of EU duties on U.S. peanut exports is unclear with kernel exports already down more than half from historic levels last year. However, even amid continued strong competition from Argentina, the total U.S. export forecast is only slightly lower from 2019/20. A 25% duty will reduce the competitiveness of U.S. peanuts in the EU. However, much will depend on the willingness of buyers and sellers to absorb the added costs. Global peanut supplies remain somewhat tight, particularly for high value peanuts where U.S. peanuts are most competitive and the ability to absorb higher costs is greater. Given that 2019/20 U.S. peanut export volume was near record levels in part on strong sales of inshell peanuts to China, further declines in exports to the EU will have less impact on export totals than demand from China in the coming year.

Foreign Agricultural Service/USDA 4 December 2020Global Market Analysis

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- EXPORT PRICES November 2020 Soybean Export Prices

U.S. Gulf FOB Argentina Up River FOB Brazil Paranagua FOB November Avg Price $ 474/ton $ 483/ton $ 521/ton Change vs October + $ 28/ton + $ 36/ton + $ 37/ton

Source: International Grains Council

Soybean export prices for the world’s three-largest exporters strengthened for the sixth consecutive month, reaching the highest prices since the middle of 2014. Prices surged throughout the month on strong export demand, depleted South American supply, and lower carryin from 2019/20, but began softening in late November as sales began to slow.

PROJECTION FOR 2020/21 Global 2020/21 oilseed production is forecast at 596 million tons, down 1 million from November. Lower soybean, sunflowerseed, and cottonseed production offset higher rapeseed and peanut production. Exports are up 1 million tons to 192 million on higher rapeseed and soybean trade. Soybean exports are up with higher production in Canada and Uruguay. Rapeseed is up on a higher production forecast for Australia and strong Canada exports. Imports soybeans and rapeseed are boosted on stronger demand in Pakistan in the wake of lower cottonseed supplies and inclusion of a new data series for Algeria soybeans. Oilseed crush is up slightly despite a 1-million-ton decline in Argentina. Soybean crush in Argentina is down in response to a lower soybean production forecast and continued weak crush volumes Larger soybean crush in the United States and other markets, including the addition of Algeria, more than offset the decline. Despite continued strong demand for rapeseed and growing soybean crush in the United States, global ending stocks are marginally lower. Protein meal and oil trade see small changes this month with meal trade trending lower and oil trade higher. Argentine soybean meal exports decline 800,000 tons on lower crush but are partially offset by a higher export forecast for the United States. Rapeseed meal exports are marginally higher, further offsetting the decline in Argentina’s meal exports. Argentina’s soybean oil exports are slightly higher despite the fall in crush as weak biodiesel demand augments exportable supplies in the food sector. Rapeseed and palm oil trade are also up slightly on demand factors. Oil stocks are boosted 1 million tons primarily led by data series revisions to Argentina, Algeria, and Egypt soybean oil. The projected U.S. season-average farm price for soybeans is raised 15 cents to $10.55 per bushel.

Foreign Agricultural Service/USDA 5 December 2020Global Market Analysis

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November 2020 Soybean Meal Export Prices

U.S. Gulf FOB Argentina Up River FOB Brazil Paranagua FOB November Avg Price $ 476/ton $ 463/ton $ 465/ton Change vs October + $ 33/ton + $ 28/ton + $ 28/ton

Source: International Grains Council

Meal prices strengthened further throughout November largely in tandem with climbing soybean prices. November 2020 Soybean and Palm Oil Export Prices

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FOB Argentina Up

River FOB Brazil

Paranagua FOB Indonesia Palm Oil

Malaysia Palm Oil

November Avg Price $ 915/ton $ 944/ton $ 977/ton $ 851/ton $ 867/ton Change vs October + $ 96/ton + $ 122/ton + $ 78/ton + $ 104/ton + $ 96/ton

Source: International Grains Council

Rising oil prices persisted in November due to strong demand for oils, reduced soybean crush in South America, and reduced sunflower crush in Europe. Argentine soy oil prices outpaced both the United States and Brazil, leading to the largest U.S. soy oil price discount against Argentina since May 2017. Palm oil prices continued to rally to a six-and-a-half-year high tracking strong rival oil prices and concerns over tightening supplies from lower production in Malaysia and Indonesia.

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EXPORT SALES

For the week ending December 3, 2020, U.S. soybean accumulated shipments to China totaled 21.6 million tons and 8.2 million to the rest of the world. Outstanding sales reached 8.7 million tons to China and 14.4 million to the rest of the world, including unknown destinations. During the same time period last year, accumulated exports to China were 7.5 million tons and 10.0 million tons to the rest of the world while outstanding sales to China were 2.4 million tons and 7.2 million to the rest of the world, including unknowns. Total U.S. soybean export commitments (outstanding sales plus accumulated exports) to China swelled to 30.4 million tons compared to 9.8 million the previous year. Total commitments to the world, including unknown destinations, rose to 52.9 million tons, nearly double last year.

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2020/21 OUTLOOK CHANGES Note: All figures are in thousand metric tons.

Country Commodity Attribute Current Previous Change Reason

Algeria Meal, Soybean Imports 900 1,350 -450 Adding soybean

imports, reduced product demand

Oil, Soybean Imports 650 800 -150 Oilseed, Soybean Imports 700 0 700

Argentina Meal, Soybean Exports 26,700 27,500 -800 Reduced

supplies on lower crush

Australia Oilseed, Rapeseed Exports 2,500 2,400 100 Higher Production

Brazil Oil, Soybean Imports 170 40 130 Trade trend

Canada Oilseed, Rapeseed Exports 10,000 9,800 200 Trade trend Oilseed, Soybean Exports 4,200 3,850 350 Larger supplies

Egypt Oil, Soybean Imports 300 180 120 Trade data adjustment

India Oil, Palm Imports 8,700 8,500 200 Lower duty

Oil, Sunflowerseed Imports 2,350 2,450 -100 Tight global supplies

Indonesia Oil, Palm Exports 28,850 28,750 100 India trade Mexico Oilseed, Soybean Imports 6,200 6,100 100 Trade trend

Pakistan Oilseed, Rapeseed Imports 900 800 100 Offset for lower

cottonseed supplies Oilseed, Soybean Imports 2,550 2,400 150

United States Meal, Soybean Imports 544 363 181

Trade trend Exports 12,701 12,247 454

Uruguay Oilseed, Soybean Exports 2,325 2,015 310 Higher Production

Foreign Agricultural Service/USDA 9 December 2020Global Market Analysis

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Questions may be directed to: Bill George (202) 720-6234 [email protected] Tani Lee (202) 720-9180 [email protected] Tim O’Neil [email protected] To download the tables in the publication, go to the Production, Supply and Distribution Database (PSD Online): (http://apps.fas.usda.gov/psdonline/psdHome.aspx), scroll down to Reports, and click the plus sign [+] next to Oilseeds. The Foreign Agricultural Service (FAS) updates its production, supply and distribution (PSD) database for cotton, oilseeds, and grains at 12:00 p.m. on the day the World Agricultural Supply and Demand Estimates (WASDE) report is released. This circular is released by 12:15 p.m. FAS Reports and Databases: Current World Markets and Trade and World Agricultural Production Reports:

http://apps.fas.usda.gov/psdonline/psdDataPublications.aspx Archives World Markets and Trade and World Agricultural Production Reports:

http://usda.mannlib.cornell.edu/MannUsda/viewTaxonomy.do?taxonomyID=7 Production, Supply and Distribution Database (PSD Online):

http://apps.fas.usda.gov/psdonline/psdHome.aspx Global Agricultural Trade System (U.S. Exports and Imports):

http://apps.fas.usda.gov/gats/default.aspx Export Sales Report:

http://apps.fas.usda.gov/esrquery/ Global Agricultural Information Network (Agricultural Attaché Reports):

http://gain.fas.usda.gov/Pages/Default.aspx

Other USDA Reports: World Agricultural Supply and Demand Estimates (WASDE):

http://www.usda.gov/oce/commodity/wasde/ Economic Research Service:

http://www.ers.usda.gov/topics/crops National Agricultural Statistics Service:

http://www.nass.usda.gov/Publications/

Foreign Agricultural Service/USDA 10 December 2020Global Market Analysis

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List of Tables

SUMMARY TABLES Table 01 Major Oilseeds: World Supply and Distribution (Commodity View) Table 02 Major Protein Meals: World Supply and Distribution (Commodity View) Table 03 Major Vegetable Oils: World Supply and Distribution (Commodity View) Table 04 Major Oilseeds: World Supply and Distribution (Country View) Table 05 Major Protein Meals: World Supply and Distribution (Country View) Table 06 Major Vegetable Oils: World Supply and Distribution (Country View) COMMODITY TABLES Table 07 Soybeans: World Supply and Distribution Table 08 Soybean Meal: World Supply and Distribution Table 09 Soybean Oil: World Supply and Distribution Table 10 Soybeans and Products: World Trade Table 11 Palm Oil: World Supply and Distribution Table 12 Rapeseed and Products: World Supply and Distribution Table 13 Sunflowerseed and Products: World Supply and Distribution Table 14 Minor Vegetable Oils: World Supply and Distribution HISTORICAL TABLES Table 15 World Oilseeds and Products Supply and Distribution Table 16 World Soybeans and Products Supply and Distribution Table 17 World Rapeseed and Products Supply and Distribution Table 18 World Sunflowerseed and Products Supply and Distribution Table 19 World Palm Oil, Coconut Oil, and Fish Meal Supply and Distribution COUNTRY TABLES Table 20 United States Oilseeds and Products Supply and Distribution Local Marketing Years Table 21 United States Soybeans and Products Supply and Distribution Local Marketing Years Table 22 Brazil Soybeans and Products Supply and Distribution Local Marketing Years Table 23 Argentina Soybeans and Products Supply and Distribution Local Marketing Years Table 24 South East Asia Oilseeds and Products Supply and Distribution Table 25 Middle East Oilseeds and Products Supply and Distribution Table 26 European Union Oilseeds and Products Supply and Distribution Table 27 China Oilseeds and Products Supply and Distribution Table 28 India Oilseeds and Products Supply and Distribution PRICES Table 29 Oilseed Prices Table 30 Protein Meal Prices Table 31 Vegetable Oil Prices

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Table 01: Major Oilseeds: World Supply and Distribution (Commodity View)

Million Metric Tons

2016/17 2017/18 2018/19 2019/20

Nov

2020/21

Dec

2020/21

none

Production none

5.52 Oilseed, Copra 5.94 5.98 5.86 5.77 5.75

38.98 Oilseed, Cottonseed 45.09 43.11 44.42 42.57 41.80

17.45 Oilseed, Palm Kernel 18.83 19.53 19.42 19.91 19.96

45.16 Oilseed, Peanut 46.83 46.81 46.08 47.56 47.79

69.49 Oilseed, Rapeseed 75.15 72.99 69.22 69.17 68.87

349.77 Oilseed, Soybean 342.93 361.04 336.47 362.64 362.05

48.23 Oilseed, Sunflowerseed 47.83 50.56 54.96 49.66 49.46

574.59 Total 582.58 600.01 576.44 597.28 595.68

none

Imports none

0.13 Oilseed, Copra 0.13 0.22 0.18 0.21 0.21

0.96 Oilseed, Cottonseed 0.75 0.58 0.65 0.70 0.70

0.07 Oilseed, Palm Kernel 0.14 0.13 0.12 0.10 0.10

3.16 Oilseed, Peanut 3.03 3.40 4.36 4.00 3.98

15.49 Oilseed, Rapeseed 15.33 14.33 15.50 15.04 15.24

144.60 Oilseed, Soybean 153.30 145.83 165.45 165.39 166.33

2.26 Oilseed, Sunflowerseed 2.24 2.61 3.26 2.28 2.28

166.67 Total 174.91 167.10 189.52 187.72 188.84

none

Exports none

0.17 Oilseed, Copra 0.16 0.17 0.28 0.24 0.24

0.89 Oilseed, Cottonseed 0.85 0.75 0.84 0.68 0.68

0.08 Oilseed, Palm Kernel 0.17 0.07 0.07 0.07 0.07

3.68 Oilseed, Peanut 3.39 3.65 4.67 4.27 4.26

15.84 Oilseed, Rapeseed 16.23 14.31 15.92 15.16 15.45

147.63 Oilseed, Soybean 153.14 148.82 164.57 167.82 168.48

2.55 Oilseed, Sunflowerseed 2.62 3.12 3.68 2.60 2.63

170.84 Total 176.56 170.90 190.04 190.84 191.80

none

Crush none

5.44 Oilseed, Copra 5.85 6.00 5.73 5.70 5.68

28.84 Oilseed, Cottonseed 33.62 32.95 33.91 32.74 32.30

17.31 Oilseed, Palm Kernel 18.72 19.45 19.36 19.80 19.85

17.64 Oilseed, Peanut 18.24 18.12 19.33 18.88 18.89

67.32 Oilseed, Rapeseed 68.21 67.88 68.30 67.06 67.50

287.60 Oilseed, Soybean 294.67 298.42 309.27 320.89 321.64

43.11 Oilseed, Sunflowerseed 44.00 46.23 50.34 46.08 45.87

467.26 Total 483.30 489.04 506.23 511.15 511.73

none

Ending Stocks none

0.09 Oilseed, Copra 0.11 0.10 0.08 0.08 0.08

1.39 Oilseed, Cottonseed 1.90 1.68 1.48 1.17 1.22

0.24 Oilseed, Palm Kernel 0.21 0.23 0.21 0.22 0.22

4.00 Oilseed, Peanut 5.10 5.47 4.05 4.05 4.15

5.13 Oilseed, Rapeseed 8.10 9.64 7.02 5.21 5.09

94.06 Oilseed, Soybean 98.83 112.72 95.46 86.52 85.64

3.42 Oilseed, Sunflowerseed 2.68 2.40 2.39 1.33 1.37

108.32 Total 116.92 132.24 110.68 98.57 97.76

Totals may not add due to rounding

Foreign Agricultural Service/USDA 12 December 2020Global Market Analysis

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Table 02: Major Protein Meals: World Supply and Distribution (Commodity View)

Million Metric Tons

2016/17 2017/18 2018/19 2019/20

Nov

2020/21

Dec

2020/21

none

Production none

1.81 Meal, Copra 1.94 2.01 1.92 1.91 1.90

13.26 Meal, Cottonseed 15.46 15.10 15.59 15.11 14.82

4.87 Meal, Fish 4.76 4.76 4.63 4.87 4.87

8.93 Meal, Palm Kernel 9.75 10.08 10.04 10.27 10.29

7.02 Meal, Peanut 7.26 7.20 7.68 7.52 7.52

38.78 Meal, Rapeseed 39.37 39.15 39.51 38.71 39.04

225.74 Meal, Soybean 232.26 233.86 242.99 252.32 252.85

19.40 Meal, Sunflowerseed 19.94 20.81 22.30 20.81 20.71

319.79 Total 330.74 332.97 344.65 351.51 351.99

none

Imports none

0.48 Meal, Copra 0.69 0.57 0.52 0.45 0.45

0.24 Meal, Cottonseed 0.31 0.37 0.37 0.41 0.41

3.02 Meal, Fish 2.99 3.02 2.96 3.08 3.08

6.58 Meal, Palm Kernel 6.84 7.15 6.86 7.20 7.20

0.14 Meal, Peanut 0.05 0.10 0.13 0.11 0.11

5.90 Meal, Rapeseed 6.24 6.85 7.37 7.02 7.01

61.01 Meal, Soybean 62.36 62.81 62.56 63.11 62.84

6.97 Meal, Sunflowerseed 6.54 7.83 8.26 7.12 7.13

84.33 Total 86.03 88.69 89.04 88.51 88.23

none

Exports none

0.53 Meal, Copra 0.71 0.68 0.54 0.55 0.55

0.38 Meal, Cottonseed 0.45 0.42 0.39 0.38 0.36

2.53 Meal, Fish 2.58 2.56 2.44 2.67 2.67

6.67 Meal, Palm Kernel 7.10 7.81 7.51 7.66 7.66

0.16 Meal, Peanut 0.10 0.12 0.14 0.14 0.14

5.99 Meal, Rapeseed 6.39 6.85 7.30 7.04 7.20

64.99 Meal, Soybean 65.33 67.72 67.03 66.47 66.15

7.44 Meal, Sunflowerseed 6.99 8.02 8.66 7.39 7.39

88.68 Total 89.64 94.18 94.01 92.30 92.12

none

Domestic Consumption none

1.75 Meal, Copra 1.90 1.89 1.90 1.82 1.82

13.09 Meal, Cottonseed 15.29 15.11 15.59 15.13 14.85

5.38 Meal, Fish 5.17 5.21 5.18 5.29 5.29

8.78 Meal, Palm Kernel 9.30 9.61 9.38 9.77 9.79

7.02 Meal, Peanut 7.21 7.17 7.68 7.49 7.49

38.77 Meal, Rapeseed 39.21 39.13 39.51 38.77 39.01

221.68 Meal, Soybean 228.92 230.16 240.84 250.19 251.05

19.09 Meal, Sunflowerseed 19.40 20.69 21.95 21.17 21.07

315.56 Total 326.40 328.97 342.02 349.63 350.37

none

Ending Stocks none

0.12 Meal, Copra 0.13 0.14 0.14 0.13 0.13

0.10 Meal, Cottonseed 0.14 0.08 0.05 0.06 0.07

0.26 Meal, Fish 0.26 0.26 0.23 0.22 0.22

0.45 Meal, Palm Kernel 0.63 0.44 0.45 0.48 0.49

0.03 Meal, Peanut 0.03 0.04 0.03 0.03 0.03

1.03 Meal, Rapeseed 1.05 1.07 1.14 0.99 0.98

13.75 Meal, Soybean 14.13 12.93 10.61 8.90 9.10

1.25 Meal, Sunflowerseed 1.36 1.29 1.25 0.70 0.62

17.00 Total 17.73 16.24 13.90 11.50 11.62

Totals may not add due to rounding

Foreign Agricultural Service/USDA 13 December 2020Global Market Analysis

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Table 03: Major Vegetable Oils: World Supply and Distribution (Commodity View)

Million Metric Tons

2016/17 2017/18 2018/19 2019/20

Nov

2020/21

Dec

2020/21

none

Production none

3.41 Oil, Coconut 3.67 3.76 3.60 3.58 3.57

4.38 Oil, Cottonseed 5.10 4.97 5.13 4.96 4.86

2.61 Oil, Olive 3.27 3.28 3.10 3.20 3.20

65.25 Oil, Palm 70.48 74.06 73.18 75.19 75.45

7.66 Oil, Palm Kernel 8.29 8.60 8.55 8.74 8.77

5.72 Oil, Peanut 5.92 5.86 6.26 6.12 6.12

27.53 Oil, Rapeseed 27.91 27.68 27.98 27.42 27.64

53.82 Oil, Soybean 55.15 55.88 57.92 60.14 60.27

18.20 Oil, Sunflowerseed 18.50 19.47 21.50 19.36 19.27

188.57 Total 198.28 203.56 207.20 208.71 209.14

none

Imports none

1.49 Oil, Coconut 1.70 1.82 1.82 1.89 1.89

0.06 Oil, Cottonseed 0.09 0.10 0.11 0.09 0.09

0.79 Oil, Olive 0.95 1.00 1.16 1.01 1.02

46.02 Oil, Palm 46.52 50.39 47.75 49.57 49.77

2.71 Oil, Palm Kernel 2.88 3.04 3.01 3.06 3.06

0.23 Oil, Peanut 0.24 0.29 0.31 0.33 0.33

4.40 Oil, Rapeseed 4.50 4.86 5.44 5.17 5.21

10.98 Oil, Soybean 9.87 10.68 11.39 11.01 11.18

8.93 Oil, Sunflowerseed 8.77 9.28 11.40 9.69 9.62

75.59 Total 75.51 81.47 82.37 81.82 82.17

none

Exports none

1.76 Oil, Coconut 1.73 2.11 1.91 1.88 1.88

0.08 Oil, Cottonseed 0.10 0.11 0.11 0.10 0.10

0.90 Oil, Olive 1.06 1.11 1.33 1.11 1.11

48.89 Oil, Palm 48.65 51.58 48.91 50.89 51.04

3.09 Oil, Palm Kernel 3.11 3.38 3.41 3.30 3.30

0.27 Oil, Peanut 0.28 0.31 0.36 0.35 0.35

4.50 Oil, Rapeseed 4.61 4.96 5.57 5.33 5.42

11.33 Oil, Soybean 10.57 11.18 11.93 11.92 12.00

10.50 Oil, Sunflowerseed 10.01 11.25 13.13 10.85 10.85

81.32 Total 80.13 85.99 86.66 85.72 86.04

none

Domestic Consumption none

3.21 Oil, Coconut 3.42 3.55 3.55 3.68 3.67

4.34 Oil, Cottonseed 5.05 4.99 5.12 4.99 4.89

2.73 Oil, Olive 2.80 2.90 3.03 3.10 3.10

61.49 Oil, Palm 66.96 72.72 72.31 75.11 75.45

7.25 Oil, Palm Kernel 7.85 8.38 8.20 8.49 8.51

5.56 Oil, Peanut 5.74 5.95 6.36 6.17 6.17

28.88 Oil, Rapeseed 28.87 28.06 28.06 27.65 27.64

53.43 Oil, Soybean 54.49 55.14 56.68 59.35 59.48

16.28 Oil, Sunflowerseed 17.27 17.95 19.52 19.16 19.02

183.17 Total 192.44 199.64 202.81 207.70 207.94

none

Ending Stocks none

0.42 Oil, Coconut 0.63 0.55 0.50 0.41 0.40

0.12 Oil, Cottonseed 0.15 0.12 0.12 0.08 0.08

0.33 Oil, Olive 0.69 0.96 0.86 0.88 0.87

9.73 Oil, Palm 11.13 11.28 10.99 9.36 9.72

0.71 Oil, Palm Kernel 0.91 0.78 0.73 0.73 0.74

0.39 Oil, Peanut 0.52 0.42 0.27 0.21 0.21

4.19 Oil, Rapeseed 3.12 2.65 2.45 2.11 2.24

3.94 Oil, Soybean 3.90 4.14 4.84 4.11 4.81

2.24 Oil, Sunflowerseed 2.23 1.77 2.01 1.08 1.03

22.05 Total 23.27 22.66 22.77 18.96 20.10

Totals may not add due to rounding

Foreign Agricultural Service/USDA 14 December 2020Global Market Analysis

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Table 04: Major Oilseeds: World Supply and Distribution (Country View)

Million Metric Tons

2016/17 2017/18 2018/19 2019/20

Nov

2020/21

Dec

2020/21

Production none

117.89 Brazil 127.21 124.63 131.34 137.74 137.74

126.94 United States 131.48 130.72 106.98 123.98 123.67

55.09 China 59.60 59.95 63.03 62.28 62.28

60.05 Argentina 42.46 60.83 53.65 55.63 54.63

37.05 India 35.43 35.51 36.69 38.54 38.33

177.57 Other 186.41 188.38 184.74 179.10 179.03

574.59 Total 582.58 600.01 576.44 597.28 595.68

Imports none

98.42 China 99.28 86.74 102.71 103.80 103.80

19.16 European Union 20.06 20.68 23.89 22.57 22.55

6.03 Mexico 6.76 7.72 7.63 7.85 7.95

5.79 Japan 5.86 5.91 5.83 5.93 5.93

2.18 Egypt 3.36 4.15 5.18 4.24 4.24

3.19 Thailand 2.59 3.27 3.95 4.00 4.00

1.67 Argentina 4.70 6.41 4.88 4.00 4.00

3.05 Turkey 3.69 3.56 4.38 3.88 3.90

2.77 Pakistan 3.16 2.56 3.04 3.24 3.49

0.98 Bangladesh 1.27 2.11 3.03 3.31 3.31

23.43 Other 24.18 23.99 25.01 24.89 25.67

166.67 Total 174.91 167.10 189.52 187.72 188.84

Exports none

63.37 Brazil 76.46 75.21 92.47 85.34 85.34

60.08 United States 59.32 48.82 46.89 61.15 61.08

15.63 Canada 15.80 14.49 14.24 13.70 14.25

7.87 Argentina 2.80 10.10 11.17 8.13 8.16

6.13 Paraguay 6.03 4.93 6.20 6.30 6.30

4.13 Ukraine 4.91 5.13 5.68 4.20 4.20

3.41 Australia 2.58 1.54 1.81 2.41 2.51

10.20 Other 8.67 10.67 11.59 9.61 9.96

170.84 Total 176.56 170.90 190.04 190.84 191.80

Crush none

122.62 China 127.55 121.37 128.08 134.85 134.85

56.26 United States 60.17 61.03 63.10 63.57 63.99

42.90 Brazil 47.40 46.87 48.83 49.88 49.88

46.67 European Union 48.33 48.14 48.69 48.33 48.18

46.82 Argentina 40.64 44.37 42.07 43.42 42.33

27.40 India 27.78 29.22 29.59 30.78 30.78

15.40 Russia 15.95 18.00 20.05 19.00 19.00

15.58 Ukraine 14.96 17.04 18.73 15.28 15.28

10.98 Indonesia 12.06 12.39 12.65 12.91 12.91

11.05 Canada 11.21 11.35 11.87 11.65 11.94

6.40 Mexico 6.99 7.85 7.75 8.01 7.99

5.88 Pakistan 6.25 6.17 6.18 5.93 5.83

5.38 Malaysia 5.48 5.77 5.42 5.69 5.69

4.04 Turkey 4.84 5.16 5.47 4.93 4.93

4.86 Japan 4.63 4.89 4.83 4.85 4.85

45.04 Other 49.08 49.41 52.94 52.10 53.33

467.26 Total 483.30 489.04 506.23 511.15 511.73

Ending Stocks none

28.52 Argentina 25.09 30.48 28.22 28.71 28.63

21.66 China 24.61 20.74 28.17 28.15 28.15

32.25 Brazil 32.87 32.64 20.70 20.69 20.79

9.60 United States 13.83 26.54 15.94 6.87 6.46

1.66 Canada 3.32 5.17 3.89 2.35 2.27

14.64 Other 17.21 16.67 13.76 11.80 11.47

108.32 Total 116.92 132.24 110.68 98.57 97.76

Major Oilseeds includes Copra, Cottonseed, Palm Kernel, Peanut, Rapeseed, Soybeans and Sunflowerseeds.

Foreign Agricultural Service/USDA 15 December 2020Global Market Analysis

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Table 05: Major Protein Meals: World Supply and Distribution (Country View)

Million Metric Tons

2016/17 2017/18 2018/19 2019/20

Nov

2020/21

Dec

2020/21

Production none

87.67 China 90.57 85.87 90.98 96.60 96.60

43.11 United States 47.03 46.52 48.80 49.06 49.37

32.45 Brazil 35.82 35.02 36.52 37.35 37.35

34.78 Argentina 29.99 32.82 31.21 32.21 31.37

30.00 European Union 30.98 31.04 31.50 31.40 31.32

91.78 Other 96.36 101.70 105.64 104.88 105.97

319.79 Total 330.74 332.97 344.65 351.51 351.99

Imports none

24.90 European Union 24.68 25.48 23.19 23.89 23.85

5.65 Vietnam 5.80 6.12 6.00 6.14 6.14

3.18 China 3.59 5.04 6.39 5.21 5.21

4.35 Indonesia 4.61 4.56 5.03 5.06 5.06

3.92 United States 3.74 3.94 4.12 3.85 4.03

3.32 Thailand 3.77 3.63 3.52 3.58 3.58

3.03 Korea, South 3.28 3.40 3.50 3.52 3.52

35.99 Other 36.55 36.55 37.29 37.27 36.85

84.33 Total 86.03 88.69 89.04 88.51 88.23

Exports none

32.13 Argentina 27.05 29.73 28.06 28.18 27.36

13.76 Brazil 16.03 16.09 17.51 16.80 16.80

10.83 United States 13.01 12.50 13.06 12.55 12.98

4.51 Indonesia 5.02 5.46 5.38 5.54 5.54

4.93 Canada 4.90 5.07 5.24 5.12 5.20

5.19 Ukraine 4.67 5.75 6.10 5.03 5.03

2.51 India 2.79 3.10 1.72 2.71 2.71

14.84 Other 16.17 16.47 16.96 16.37 16.51

88.68 Total 89.64 94.18 94.01 92.30 92.12

Domestic Consumption none

89.69 China 92.92 89.95 96.32 100.78 100.78

54.39 European Union 54.67 54.53 54.09 54.13 54.10

36.07 United States 37.60 38.10 39.89 40.34 40.39

18.12 Brazil 18.83 19.71 20.17 20.58 20.58

13.55 India 14.19 14.64 16.09 16.32 16.32

6.57 Russia 7.13 7.62 8.01 8.35 8.36

6.91 Mexico 7.04 7.70 7.86 7.97 7.97

6.83 Vietnam 7.30 7.41 7.37 7.49 7.49

5.45 Thailand 5.51 5.82 6.21 6.35 6.35

5.30 Indonesia 5.52 5.62 5.91 6.04 6.04

72.68 Other 75.71 77.87 80.11 81.29 82.00

315.56 Total 326.40 328.97 342.02 349.63 350.37

SME none

85.11 China 87.76 84.42 90.43 95.22 95.22

46.51 European Union 46.60 46.64 46.54 46.59 46.59

34.64 United States 36.28 36.78 38.48 38.95 38.98

17.88 Brazil 18.52 19.29 19.74 20.16 20.16

11.65 India 12.16 12.50 13.71 14.02 14.02

6.54 Mexico 6.68 7.35 7.54 7.64 7.64

6.51 Vietnam 6.97 7.01 7.01 7.08 7.08

80.44 Other 83.87 86.77 89.80 91.55 92.24

289.29 Total 298.85 300.77 313.25 321.20 321.94

Ending Stocks none

3.33 Brazil 4.30 3.55 2.40 2.33 2.39

3.43 Argentina 2.62 1.85 1.05 1.14 1.05

1.13 India 0.66 0.93 1.11 0.74 0.74

0.56 Indonesia 0.67 0.39 0.52 0.50 0.50

0.41 United States 0.56 0.42 0.39 0.41 0.41

8.14 Other 8.91 9.12 8.43 6.37 6.53

17.00 Total 17.73 16.24 13.90 11.50 11.62

Major Protein Meals include Copra, Cottonseed, Fish, Palm Kernel, Peanut, Rapeseed, Soybean, and Sunflower Meal.

Foreign Agricultural Service/USDA 16 December 2020Global Market Analysis

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Table 06: Major Vegetable Oils: World Supply and Distribution (Country View)

Million Metric Tons

2016/17 2017/18 2018/19 2019/20

Nov

2020/21

Dec

2020/21

Production none

41.10 Indonesia 45.08 47.22 48.32 49.43 49.43

26.76 China 27.77 26.43 27.64 28.73 28.73

21.13 Malaysia 22.02 23.24 21.53 22.28 22.28

18.07 European Union 18.97 18.92 18.49 18.55 18.48

11.43 United States 12.11 12.20 12.66 12.81 12.92

8.73 Brazil 9.60 9.50 9.87 10.08 10.08

9.87 Argentina 8.79 9.47 9.05 9.34 9.10

51.49 Other 53.94 56.59 59.65 57.49 58.11

188.57 Total 198.28 203.56 207.20 208.71 209.14

Imports none

15.41 India 14.49 15.25 14.03 14.50 14.63

8.00 China 8.65 11.41 12.62 12.41 12.41

10.87 European Union 10.66 11.48 12.17 10.72 10.77

4.73 United States 4.78 4.70 4.93 4.97 4.97

3.25 Pakistan 3.20 3.27 3.24 3.54 3.53

2.18 Bangladesh 2.50 2.56 2.20 2.40 2.40

2.16 Egypt 1.86 1.61 2.05 1.84 1.96

1.13 Malaysia 1.12 1.66 1.43 1.55 1.55

1.02 Korea, South 1.05 1.19 1.23 1.36 1.38

1.31 Philippines 1.31 1.17 1.26 1.37 1.37

25.54 Other 25.90 27.17 27.22 27.17 27.21

75.59 Total 75.51 81.47 82.37 81.82 82.17

Exports none

29.86 Indonesia 29.28 30.78 29.34 31.27 31.37

17.47 Malaysia 17.70 19.74 18.66 18.52 18.57

6.28 Argentina 5.08 6.26 6.14 6.36 6.38

6.11 Ukraine 5.60 6.55 7.21 5.92 5.92

2.98 Russia 3.26 3.84 5.14 4.32 4.32

3.29 Canada 3.34 3.33 3.58 3.55 3.56

2.40 European Union 2.51 2.35 2.68 2.50 2.52

12.92 Other 13.36 13.14 13.90 13.29 13.41

81.32 Total 80.13 85.99 86.66 85.72 86.04

Domestic Consumption none

35.73 China 36.86 38.36 39.82 41.09 41.09

26.57 European Union 26.96 27.14 27.22 27.48 27.46

21.68 India 22.20 22.53 22.32 22.39 22.49

11.89 Indonesia 14.69 17.10 17.89 18.69 18.59

14.72 United States 15.54 15.88 16.04 16.37 16.37

7.91 Brazil 8.44 8.91 9.18 9.37 9.50

4.22 Malaysia 4.89 5.23 5.08 5.34 5.29

4.45 Pakistan 4.55 4.67 4.72 4.84 4.80

3.39 Russia 3.48 3.56 3.61 3.66 3.67

2.72 Thailand 2.88 3.25 3.38 3.52 3.52

2.57 Bangladesh 2.82 3.02 3.10 3.29 3.29

2.74 Mexico 2.88 2.94 2.96 3.03 3.00

3.74 Argentina 3.64 3.27 2.83 3.02 2.76

2.40 Egypt 2.43 2.48 2.57 2.62 2.72

2.41 Japan 2.46 2.52 2.59 2.61 2.61

36.03 Other 37.71 38.77 39.51 40.39 40.79

183.17 Total 192.44 199.64 202.81 207.70 207.94

Ending Stocks none

2.50 Indonesia 3.67 3.16 4.32 3.86 3.86

1.76 European Union 1.92 2.83 3.59 2.87 2.86

3.52 China 2.80 2.02 2.25 2.10 2.10

2.29 Malaysia 2.83 2.76 1.99 1.96 1.96

1.23 United States 1.24 1.16 1.21 1.21 1.25

10.76 Other 10.80 10.73 9.41 6.97 8.08

22.05 Total 23.27 22.66 22.77 18.96 20.10

Major Vegetable Oils includes Coconut, Cottonseed, Olive, Palm, Palm Kernel, Peanut, Rapeseed, Soybean, and Sunflowerseed oil.

Foreign Agricultural Service/USDA 17 December 2020Global Market Analysis

Page 18: India Tariff Cut Boosts Palm Oil Imports

Table 07: Soybeans: World Supply and Distribution

Thousand Metric Tons

2016/17 2017/18 2018/19 2019/20

Nov

2020/21

Dec

2020/21

Production none

114,900 Brazil 123,400 119,700 126,000 133,000 133,000

116,931 United States 120,065 120,515 96,667 113,496 113,496

55,000 Argentina 37,800 55,300 48,800 51,000 50,000

13,596 China 15,283 15,967 18,100 17,500 17,500

10,992 India 8,350 10,930 9,300 10,500 10,500

10,336 Paraguay 10,263 8,512 9,900 10,250 10,250

6,597 Canada 7,717 7,417 6,145 6,100 6,350

21,419 Other 20,051 22,695 21,560 20,791 20,955

349,771 Total 342,929 361,036 336,472 362,637 362,051

Imports none

93,495 China 94,095 82,540 98,533 100,000 100,000

13,441 European Union 14,584 14,985 15,664 15,400 15,400

4,126 Mexico 4,873 5,867 6,000 6,100 6,200

2,114 Egypt 3,255 4,062 5,100 4,150 4,150

1,674 Argentina 4,703 6,408 4,882 4,000 4,000

3,078 Thailand 2,482 3,155 3,831 3,890 3,890

3,175 Japan 3,256 3,314 3,390 3,410 3,410

2,273 Turkey 2,872 2,411 3,148 3,000 3,000

813 Bangladesh 1,179 1,733 2,551 2,900 2,900

2,566 Taiwan 2,666 2,614 2,850 2,900 2,900

17,844 Other 19,332 18,738 19,496 19,637 20,477

144,599 Total 153,297 145,827 165,445 165,387 166,327

Exports none

63,137 Brazil 76,136 74,887 92,130 85,000 85,000

58,964 United States 58,071 47,676 45,620 59,874 59,874

7,025 Argentina 2,132 9,104 9,973 7,000 7,000

6,129 Paraguay 6,029 4,901 6,200 6,300 6,300

4,592 Canada 4,925 5,258 3,907 3,850 4,200

7,783 Other 5,846 6,997 6,743 5,793 6,103

147,630 Total 153,139 148,823 164,573 167,817 168,477

Crush none

88,000 China 90,000 85,000 91,500 99,000 99,000

51,742 United States 55,926 56,935 58,910 59,330 59,738

40,411 Brazil 44,205 42,527 44,250 45,500 45,500

43,309 Argentina 36,933 40,567 38,763 40,000 39,000

14,400 European Union 14,950 15,600 16,350 16,800 16,800

9,000 India 7,700 9,600 8,400 9,500 9,500

4,600 Mexico 5,250 6,150 6,200 6,400 6,400

4,400 Russia 4,600 4,650 4,650 4,700 4,700

2,100 Egypt 3,200 3,850 4,800 4,150 4,500

3,750 Paraguay 3,870 3,620 3,450 3,800 3,800

1,100 Bangladesh 1,250 1,750 2,500 3,000 3,000

1,950 Thailand 1,400 2,000 2,610 2,700 2,700

1,680 Pakistan 2,000 2,000 2,200 2,400 2,600

2,550 Bolivia 2,300 2,550 2,500 2,525 2,525

2,392 Japan 2,400 2,470 2,500 2,520 2,520

16,217 Other 18,690 19,149 19,682 18,569 19,356

287,601 Total 294,674 298,418 309,265 320,894 321,639

Ending Stocks none

26,996 Argentina 23,734 28,890 26,800 27,800 27,600

20,120 China 23,064 19,455 26,798 26,798 26,798

32,112 Brazil 32,696 32,472 20,400 20,600 20,700

8,208 United States 11,923 24,740 14,247 5,171 4,763

1,150 European Union 1,397 1,610 1,644 1,003 984

5,475 Other 6,019 5,557 5,569 5,146 4,793

94,061 Total 98,833 112,724 95,458 86,518 85,638

Most countries are on an October/September Marketing Year (MY). The United States, Mexico, and Thailand are on a September/August

MY. Canada is on an August/July MY. Paraguay is on a Jan/Dec MY.

Foreign Agricultural Service/USDA 18 December 2020Global Market Analysis

Page 19: India Tariff Cut Boosts Palm Oil Imports

Table 08: Soybean Meal: World Supply and Distribution

Thousand Metric Tons

2016/17 2017/18 2018/19 2019/20

Nov

2020/21

Dec

2020/21

Production none

69,696 China 71,280 67,320 72,468 78,408 78,408

40,630 United States 44,657 44,283 46,358 46,637 46,909

31,280 Brazil 34,300 32,960 34,350 35,275 35,275

33,280 Argentina 28,400 31,200 29,800 30,750 29,950

11,376 European Union 11,811 12,324 12,917 13,272 13,272

7,200 India 6,160 7,680 6,720 7,600 7,600

3,635 Mexico 4,152 4,860 4,900 5,060 5,060

28,640 Other 31,502 33,233 35,476 35,314 36,372

225,737 Total 232,262 233,860 242,989 252,316 252,846

Imports none

18,793 European Union 18,367 18,755 17,616 18,050 18,050

4,945 Vietnam 4,969 5,149 5,150 5,200 5,200

4,255 Indonesia 4,486 4,449 4,930 4,950 4,950

2,660 Philippines 2,886 2,897 2,875 2,900 2,900

2,782 Thailand 3,191 2,889 2,854 2,800 2,800

1,764 Korea, South 1,846 1,855 1,992 2,020 2,020

2,064 Mexico 1,875 1,887 1,843 1,925 1,925

1,621 Japan 1,728 1,596 1,700 1,700 1,700

1,623 Iran 1,544 2,542 1,600 1,600 1,600

1,284 Colombia 1,373 1,433 1,555 1,560 1,560

19,218 Other 20,099 19,359 20,446 20,406 20,137

61,009 Total 62,364 62,811 62,561 63,111 62,842

Exports none

31,323 Argentina 26,265 28,833 27,367 27,500 26,700

13,762 Brazil 16,032 16,093 17,505 16,800 16,800

10,505 United States 12,717 12,191 12,770 12,247 12,701

2,370 Paraguay 2,628 2,333 2,200 2,450 2,450

2,019 India 1,863 2,185 850 1,870 1,870

5,007 Other 5,822 6,082 6,341 5,603 5,633

64,986 Total 65,327 67,717 67,033 66,470 66,154

Domestic Consumption none

68,646 China 70,105 66,405 71,507 77,423 77,423

30,314 United States 32,237 32,851 34,223 34,745 34,744

30,217 European Union 30,092 30,342 30,742 30,967 31,042

16,943 Brazil 17,311 17,645 18,000 18,500 18,500

5,770 Mexico 5,950 6,650 6,900 6,975 6,975

5,740 Vietnam 6,110 6,020 6,070 6,120 6,120

4,675 India 4,740 5,280 5,720 6,085 6,085

4,250 Indonesia 4,450 4,625 4,850 4,950 4,950

4,250 Thailand 4,280 4,400 4,840 4,866 4,866

3,100 Egypt 3,175 3,500 3,850 3,650 4,050

3,200 Russia 3,400 3,500 3,500 3,700 3,700

3,420 Japan 3,521 3,472 3,565 3,600 3,600

3,200 Iran 3,500 3,800 3,500 3,500 3,500

2,853 Argentina 2,996 3,126 3,177 3,250 3,250

2,700 Philippines 2,900 2,950 2,975 3,000 3,000

32,406 Other 34,154 35,589 37,416 38,863 39,243

221,684 Total 228,921 230,155 240,835 250,194 251,048

Ending Stocks none

3,320 Brazil 4,296 3,540 2,395 2,324 2,385

3,335 Argentina 2,475 1,743 1,000 1,064 1,000

117 Iran 258 866 599 370 370

261 Egypt 553 314 564 337 361

647 India 215 479 656 341 341

6,070 Other 6,331 5,985 5,395 4,459 4,638

13,750 Total 14,128 12,927 10,609 8,895 9,095

Most countries are on an October/September Marketing Year (MY). The Mexico and Thailand are on a September/August MY. Canada is

on an August/July MY. Paraguay, Vietnam and the Philippines are on a January/December MY and Bolivia is on a March/February MY.

Foreign Agricultural Service/USDA 19 December 2020Global Market Analysis

Page 20: India Tariff Cut Boosts Palm Oil Imports

Table 09: Soybean Oil: World Supply and Distribution

Thousand Metric Tons

2016/17 2017/18 2018/19 2019/20

Nov

2020/21

Dec

2020/21

Production none

15,770 China 16,128 15,232 16,397 17,741 17,741

10,035 United States 10,783 10,976 11,300 11,460 11,539

7,755 Brazil 8,485 8,180 8,500 8,750 8,750

8,395 Argentina 7,236 7,910 7,674 7,920 7,720

2,736 European Union 2,841 2,964 3,107 3,192 3,192

1,620 India 1,386 1,728 1,512 1,710 1,710

820 Mexico 937 1,100 1,110 1,145 1,145

6,685 Other 7,351 7,788 8,318 8,224 8,468

53,816 Total 55,147 55,878 57,918 60,142 60,265

Imports none

3,534 India 2,984 3,000 3,612 3,350 3,400

711 China 481 783 1,000 1,100 1,100

830 Bangladesh 859 985 685 750 750

674 Algeria 776 913 699 800 650

497 Morocco 502 536 573 560 560

449 Peru 503 538 550 560 560

285 European Union 284 416 485 415 415

306 Korea, South 276 328 402 380 400

352 Colombia 344 343 360 370 370

246 Egypt 262 306 532 180 300

3,095 Other 2,597 2,535 2,487 2,547 2,672

10,979 Total 9,868 10,683 11,385 11,012 11,177

Exports none

5,387 Argentina 4,164 5,268 5,403 5,600 5,650

1,159 United States 1,108 880 1,288 1,179 1,247

1,241 Brazil 1,511 1,079 1,156 1,200 1,150

819 European Union 902 788 768 825 825

680 Paraguay 702 653 640 680 680

529 Russia 568 572 641 600 600

338 Bolivia 380 390 370 375 375

1,178 Other 1,230 1,547 1,659 1,459 1,468

11,331 Total 10,565 11,177 11,925 11,918 11,995

Domestic Consumption none

16,350 China 16,500 15,885 17,093 18,691 18,691

9,010 United States 9,698 10,376 10,123 10,433 10,433

6,570 Brazil 6,940 7,165 7,390 7,570 7,700

5,150 India 4,670 4,750 5,100 5,100 5,150

2,215 European Union 2,225 2,455 2,540 2,640 2,640

3,085 Argentina 2,981 2,624 2,176 2,354 2,104

1,010 Bangladesh 1,085 1,170 1,250 1,330 1,330

1,100 Mexico 1,160 1,235 1,265 1,320 1,300

660 Egypt 760 910 960 910 1,010

710 Algeria 740 770 800 780 825

450 Korea, South 470 505 547 565 579

480 Morocco 510 520 550 560 570

435 Peru 488 538 550 560 560

470 Pakistan 485 490 480 530 555

650 Iran 635 650 570 510 510

5,084 Other 5,143 5,096 5,282 5,501 5,525

53,429 Total 54,490 55,139 56,676 59,354 59,482

Ending Stocks none

776 United States 905 805 839 845 857

151 European Union 149 286 570 685 712

670 China 568 501 650 650 650

63 Egypt 128 201 582 149 561

291 Brazil 370 330 350 370 420

1,986 Other 1,777 2,019 1,853 1,410 1,609

3,937 Total 3,897 4,142 4,844 4,109 4,809

Most countries are on an October/September Marketing Year (MY). Mexico is on a September/August MY. Paraguay and Peru are on an

January/December MY and Bolivia is on a March/February MY.

Foreign Agricultural Service/USDA 20 December 2020Global Market Analysis

Page 21: India Tariff Cut Boosts Palm Oil Imports

Table 10: Soybeans and Products: World Trade

Thousand Metric Tons

Marketing Year

Meal, Soybean Oil, Soybean Oilseed, Soybean

2020/212019/202018/192020/212019/202018/192020/212019/202018/19

Exports

North America 12,624 13,107 13,081 1,059 1,447 1,412 52,934 49,527 64,074

Canada (Aug-Jul) 425 329 370 169 144 150 5,258 3,907 4,200

United States (Oct-Sep) 12,191 12,770 12,701 880 1,288 1,247 47,676 45,620 59,874

South America 48,915 48,677 47,620 7,453 7,634 7,920 91,660 110,241 100,648

Argentina (Oct-Sep) 28,833 27,367 26,700 5,268 5,403 5,650 9,104 9,973 7,000

Brazil (Oct-Sep) 16,093 17,505 16,800 1,079 1,156 1,150 74,887 92,130 85,000

Paraguay (Jan-Dec) 2,333 2,200 2,450 653 640 680 4,901 6,200 6,300

South Asia 2,191 856 1,875 8 15 9 165 110 175

India (Oct-Sep) 2,185 850 1,870 8 15 9 165 110 175

Other 3,987 4,393 3,578 2,657 2,829 2,654 4,064 4,695 3,580

World Total 67,717 67,033 66,154 11,177 11,925 11,995 148,823 164,573 168,477

Imports

European Union (Oct-Sep) 18,755 17,616 18,050 416 485 415 14,985 15,664 15,400

East Asia 3,531 3,832 3,810 1,308 1,590 1,697 89,843 106,075 107,602

China (Oct-Sep) 17 51 15 783 1,000 1,100 82,540 98,533 100,000

Japan (Oct-Sep) 1,596 1,700 1,700 13 10 12 3,314 3,390 3,410

Korea, South (Oct-Sep) 1,855 1,992 2,020 328 402 400 1,373 1,300 1,290

Taiwan (Oct-Sep) 26 78 50 0 0 0 2,614 2,850 2,900

Southeast Asia 16,692 17,262 17,330 242 270 277 8,367 9,372 9,831

Indonesia (Oct-Sep) 4,449 4,930 4,950 34 34 38 2,623 2,600 2,800

Malaysia (Oct-Sep) 1,278 1,425 1,450 83 107 105 747 810 845

Philippines (Jan-Dec) 2,897 2,875 2,900 62 65 71 150 180 240

Thailand (Sep-Aug) 2,889 2,854 2,800 1 3 1 3,155 3,831 3,890

Vietnam (Jan-Dec) 5,149 5,150 5,200 45 45 45 1,638 1,900 2,000

North America 3,525 3,540 3,569 357 323 344 7,422 6,682 7,158

Canada (Aug-Jul) 1,018 1,117 1,100 23 27 25 1,172 263 550

Mexico (Sep-Aug) 1,887 1,843 1,925 154 151 160 5,867 6,000 6,200

South America 5,501 5,808 5,820 1,131 1,268 1,386 7,662 6,625 5,614

Brazil (Oct-Sep) 22 10 15 24 66 170 140 549 400

Colombia (Oct-Sep) 1,433 1,555 1,560 343 360 370 619 660 700

Central America 1,290 1,361 1,393 171 192 201 263 315 342

Caribbean 1,085 983 1,052 305 328 324 134 133 138

Middle East 6,182 5,666 5,550 430 172 212 5,664 5,692 5,732

Iran (Oct-Sep) 2,542 1,600 1,600 346 80 100 2,289 1,503 1,700

Israel (Oct-Sep) 168 280 270 8 10 9 392 415 420

Syria (Jan-Dec) 97 70 75 1 1 6 4 4 5

Turkey (Oct-Sep) 1,180 1,073 1,000 0 0 0 2,411 3,148 3,000

North Africa 2,270 2,440 2,125 1,831 1,894 1,605 4,700 6,366 5,555

Egypt (Oct-Sep) 219 317 300 306 532 300 4,062 5,100 4,150

Other 3,980 4,053 4,143 4,492 4,863 4,716 6,787 8,521 8,955

World Total 62,811 62,561 62,842 10,683 11,385 11,177 145,827 165,445 166,327

Foreign Agricultural Service/USDA 21 December 2020Global Market Analysis

Page 22: India Tariff Cut Boosts Palm Oil Imports

Table 11: Palm Oil: World Supply and Distribution

Thousand Metric Tons

2016/17 2017/18 2018/19 2019/20

Nov

2020/21

Dec

2020/21

Production none

36,000 Indonesia 39,500 41,500 42,500 43,500 43,500

18,858 Malaysia 19,683 20,800 19,255 19,900 19,900

2,500 Thailand 2,780 3,000 2,800 3,100 3,100

1,146 Colombia 1,627 1,632 1,529 1,670 1,670

990 Nigeria 1,025 1,130 1,220 1,015 1,280

5,753 Other 5,867 6,001 5,872 6,003 6,003

65,247 Total 70,482 74,063 73,176 75,188 75,453

Imports none

9,341 India 8,608 9,710 7,655 8,500 8,700

4,881 China 5,320 6,795 6,719 6,900 6,900

7,217 European Union 7,079 7,297 7,300 6,700 6,700

3,075 Pakistan 3,093 3,175 3,175 3,450 3,450

1,347 Bangladesh 1,637 1,569 1,510 1,650 1,650

1,367 United States 1,527 1,526 1,517 1,500 1,500

1,165 Philippines 1,167 1,055 1,130 1,225 1,225

1,323 Egypt 1,095 1,011 1,150 1,200 1,200

809 Burma 847 945 900 980 980

767 Kenya 764 915 920 960 960

14,728 Other 15,381 16,395 15,772 16,501 16,506

46,020 Total 46,518 50,393 47,748 49,566 49,771

Exports none

27,633 Indonesia 26,967 28,279 26,900 28,750 28,850

16,313 Malaysia 16,472 18,362 17,214 17,225 17,275

724 Guatemala 802 828 810 810 810

502 Colombia 697 677 611 725 725

664 Papua New Guinea 684 720 565 570 570

3,054 Other 3,029 2,717 2,806 2,812 2,812

48,890 Total 48,651 51,583 48,906 50,892 51,042

Domestic Consumption none

9,125 Indonesia 11,565 13,721 14,430 15,150 15,050

9,350 India 9,270 9,495 8,335 8,680 8,880

6,900 European Union 6,950 6,960 6,900 7,100 7,100

4,750 China 5,100 7,012 6,433 6,920 6,920

2,622 Malaysia 3,238 3,522 3,571 3,675 3,625

2,995 Pakistan 3,145 3,245 3,290 3,400 3,400

2,135 Thailand 2,343 2,640 2,640 2,750 2,750

1,240 Nigeria 1,340 1,465 1,565 1,400 1,665

1,364 Bangladesh 1,580 1,600 1,560 1,650 1,650

1,355 United States 1,563 1,496 1,497 1,506 1,506

1,220 Philippines 1,250 1,260 1,220 1,250 1,250

1,150 Egypt 1,155 1,175 1,200 1,225 1,225

965 Colombia 1,030 1,085 1,155 1,175 1,200

835 Russia 915 900 1,050 1,035 1,040

800 Burma 850 900 940 990 990

14,685 Other 15,662 16,245 16,525 17,208 17,199

61,491 Total 66,956 72,721 72,311 75,114 75,450

Ending Stocks none

2,110 Indonesia 3,079 2,663 3,843 3,443 3,443

2,016 Malaysia 2,529 2,500 1,750 1,650 1,650

608 European Union 591 812 1,112 572 637

307 China 495 247 500 450 450

276 Thailand 368 464 397 424 424

4,416 Other 4,064 4,592 3,383 2,819 3,113

9,733 Total 11,126 11,278 10,985 9,358 9,717

Foreign Agricultural Service/USDA 22 December 2020Global Market Analysis

Page 23: India Tariff Cut Boosts Palm Oil Imports

Table 12: Rapeseed and Products: World Supply and Distribution

Thousand Metric Tons

Marketing Year

Meal, Rapeseed Oil, Rapeseed Oilseed, Rapeseed

2020/212019/202018/192020/212019/202018/192020/212019/202018/19

Production

China (Oct-Sep) 9,722 9,138 9,029 6,425 6,039 5,967 13,281 13,485 13,200

India (Oct-Sep) 4,100 4,170 4,050 2,622 2,660 2,584 8,000 7,700 7,650

Canada (Aug-Jul) 5,245 5,715 5,608 4,060 4,425 4,345 20,724 19,607 19,000

Japan (Oct-Sep) 1,333 1,295 1,295 1,045 1,000 1,000 4 4 4

European Union (Jul-Jun) 13,395 13,168 12,797 9,823 9,657 9,384 20,061 16,880 16,900

Other 5,358 6,023 6,256 3,709 4,197 4,357 10,917 11,546 12,117

World Total 39,153 39,509 39,035 27,684 27,978 27,637 72,987 69,222 68,871

Imports

China (Oct-Sep) 1,437 1,910 1,500 1,507 1,940 1,600 3,486 2,558 2,500

India (Oct-Sep) 0 0 0 62 40 38 0 0 0

Canada (Aug-Jul) 6 6 5 16 20 20 146 155 150

Japan (Oct-Sep) 7 7 7 28 45 45 2,384 2,220 2,300

European Union (Jul-Jun) 514 383 475 246 298 300 4,231 6,249 5,800

Other 4,881 5,068 5,023 3,004 3,100 3,207 4,082 4,322 4,490

World Total 6,845 7,374 7,010 4,863 5,443 5,210 14,329 15,504 15,240

Exports

China (Oct-Sep) 11 14 15 15 4 10 0 0 0

India (Oct-Sep) 876 825 800 4 5 3 0 0 0

Canada (Aug-Jul) 4,643 4,904 4,830 3,155 3,429 3,400 9,202 10,302 10,000

Japan (Oct-Sep) 0 6 0 1 1 1 0 0 0

European Union (Jul-Jun) 447 484 400 210 323 250 90 31 20

Other 870 1,063 1,156 1,577 1,805 1,753 5,019 5,591 5,427

World Total 6,847 7,296 7,201 4,962 5,567 5,417 14,311 15,924 15,447

Domestic Consumption

China (Oct-Sep) 11,148 11,034 10,514 8,387 8,146 7,657 16,925 15,985 15,750

India (Oct-Sep) 3,225 3,340 3,300 2,730 2,770 2,630 7,900 7,950 7,750

Canada (Aug-Jul) 655 767 785 995 1,007 1,010 9,869 10,764 10,531

Japan (Oct-Sep) 1,330 1,305 1,300 1,015 1,075 1,075 2,411 2,305 2,305

European Union (Jul-Jun) 13,325 13,200 12,950 9,710 9,550 9,500 24,400 23,800 23,050

Other 9,446 9,867 10,160 5,225 5,508 5,763 9,958 10,624 11,209

World Total 39,129 39,513 39,009 28,062 28,056 27,635 71,463 71,428 70,595

Ending Stocks

China (Oct-Sep) 0 0 0 1,271 1,100 1,000 1,195 1,253 1,203

India (Oct-Sep) 446 451 401 218 143 132 469 219 119

Canada (Aug-Jul) 70 120 118 341 350 305 4,435 3,131 1,750

Japan (Oct-Sep) 74 65 67 79 48 17 179 98 97

European Union (Jul-Jun) 313 180 102 345 427 361 1,630 928 558

Other 167 328 291 393 377 425 1,734 1,387 1,358

World Total 1,070 1,144 979 2,647 2,445 2,240 9,642 7,016 5,085

Foreign Agricultural Service/USDA 23 December 2020Global Market Analysis

Page 24: India Tariff Cut Boosts Palm Oil Imports

Table 13: Sunflowerseed and Products: World Supply and Distribution

Thousand Metric Tons

Marketing Year

Oilseed, Sunflowerseed Meal, Sunflowerseed Oil, Sunflowerseed

2020/212019/202018/192020/212019/202018/192020/212019/202018/19

Production

Argentina (Mar-Feb) 3,825 3,235 2,900 1,435 1,235 1,235 1,425 1,225 1,225

Russia (Sep-Aug) 12,710 15,305 13,000 4,911 5,672 5,097 4,935 5,700 5,120

Turkey (Sep-Aug) 1,800 1,750 1,560 1,348 1,429 1,252 1,066 1,141 1,000

Ukraine (Sep-Aug) 15,000 16,500 14,000 6,112 6,455 5,720 6,364 7,390 5,955

European Union (Oct-Sep) 9,505 9,643 9,200 4,700 4,780 4,646 3,675 3,739 3,629

Other 7,717 8,530 8,795 2,306 2,725 2,761 2,007 2,305 2,342

World Total 50,557 54,963 49,455 20,812 22,296 20,711 19,472 21,500 19,271

Imports

Argentina (Mar-Feb) 1 0 0 0 0 0 0 0 0

Russia (Sep-Aug) 52 56 50 10 20 15 10 1 5

Turkey (Sep-Aug) 1,116 1,178 850 910 1,029 900 569 870 450

Ukraine (Sep-Aug) 23 31 25 5 10 3 0 0 0

European Union (Oct-Sep) 545 968 420 3,671 3,014 2,850 1,966 2,447 1,750

Other 871 1,031 936 3,229 4,190 3,358 6,732 8,078 7,416

World Total 2,608 3,264 2,281 7,825 8,263 7,126 9,277 11,396 9,621

Exports

Argentina (Mar-Feb) 173 200 150 883 660 635 853 610 600

Russia (Sep-Aug) 358 1,237 350 1,573 2,026 1,475 2,651 3,809 3,050

Turkey (Sep-Aug) 116 99 80 23 15 25 496 715 400

Ukraine (Sep-Aug) 104 53 50 4,808 5,181 4,496 6,063 6,686 5,550

European Union (Oct-Sep) 611 456 350 388 403 400 486 653 600

Other 1,759 1,634 1,652 346 370 363 704 660 651

World Total 3,121 3,679 2,632 8,021 8,655 7,394 11,253 13,133 10,851

Domestic Consumption

Argentina (Mar-Feb) 3,656 3,175 3,177 600 610 610 627 632 632

Russia (Sep-Aug) 12,350 14,200 12,800 3,400 3,700 3,750 2,150 2,085 2,075

Turkey (Sep-Aug) 2,627 2,812 2,482 2,200 2,300 2,400 1,095 1,140 1,190

Ukraine (Sep-Aug) 14,950 16,560 13,985 1,350 1,350 1,300 540 550 565

European Union (Oct-Sep) 9,765 9,930 9,630 7,885 7,485 7,210 5,064 5,273 5,153

Other 6,981 7,880 8,051 5,250 6,501 5,804 8,476 9,839 9,409

World Total 50,329 54,557 50,125 20,685 21,946 21,074 17,952 19,519 19,024

Ending Stocks

Argentina (Mar-Feb) 987 847 420 87 52 42 130 113 106

Russia (Sep-Aug) 233 157 57 251 217 104 253 60 60

Turkey (Sep-Aug) 203 220 68 242 385 112 86 242 102

Ukraine (Sep-Aug) 141 59 49 293 227 154 40 194 34

European Union (Oct-Sep) 330 555 195 324 230 116 390 650 276

Other 504 551 579 91 135 87 870 754 452

World Total 2,398 2,389 1,368 1,288 1,246 615 1,769 2,013 1,030

Foreign Agricultural Service/USDA 24 December 2020Global Market Analysis

Page 25: India Tariff Cut Boosts Palm Oil Imports

Table 14: Minor Vegetable Oils: World Supply and Distribution

Thousand Metric Tons

Marketing Year

Oil, Peanut Oil, Cottonseed Oil, Olive

2020/212019/202018/192020/212019/202018/192020/212019/202018/19

Production

China (Oct-Sep) 2,928 3,168 2,960 1,374 1,356 1,360 4 5 5

India (Oct-Sep) 1,089 1,205 1,250 1,225 1,390 1,405 nr nr nr

Turkey (Nov-Oct) 7 7 7 215 202 164 183 235 190

United States (Aug-Jul) 99 115 127 207 218 209 16 16 16

European Union (Oct-Sep) 13 13 13 46 57 44 2,400 1,920 2,220

Other 1,727 1,754 1,765 1,902 1,902 1,679 677 919 771

World Total 5,863 6,262 6,122 4,969 5,125 4,861 3,280 3,095 3,202

Imports

China (Oct-Sep) 172 226 225 0 0 0 50 55 55

India (Oct-Sep) 0 0 0 0 3 0 nr nr nr

Turkey (Nov-Oct) 0 0 0 0 2 0 29 43 40

United States (Aug-Jul) 27 2 9 0 0 0 355 397 380

European Union (Oct-Sep) 69 58 70 1 0 1 179 265 175

Other 26 22 25 94 103 91 386 401 369

World Total 294 308 329 95 108 92 999 1,161 1,019

Exports

China (Oct-Sep) 9 12 10 4 2 2 0 0 0

India (Oct-Sep) 9 56 40 0 0 0 nr nr nr

Turkey (Nov-Oct) 0 0 0 8 10 1 62 60 55

United States (Aug-Jul) 4 12 7 38 38 39 7 7 10

European Union (Oct-Sep) 2 3 4 1 1 1 728 815 750

Other 284 278 285 60 61 54 309 448 295

World Total 308 361 346 111 112 97 1,106 1,330 1,110

Domestic Consumption

China (Oct-Sep) 3,091 3,382 3,175 1,370 1,354 1,358 54 60 60

India (Oct-Sep) 1,150 1,275 1,260 1,227 1,395 1,405 nr nr nr

Turkey (Nov-Oct) 7 7 7 210 190 173 180 185 190

United States (Aug-Jul) 122 105 129 168 176 170 364 406 386

European Union (Oct-Sep) 80 72 79 46 56 44 1,495 1,520 1,595

Other 1,504 1,514 1,518 1,967 1,944 1,744 807 856 869

World Total 5,954 6,355 6,168 4,988 5,115 4,894 2,900 3,027 3,100

Ending Stocks

China (Oct-Sep) 0 0 0 0 0 0 0 0 0

India (Oct-Sep) 315 189 139 19 17 17 nr nr nr

Turkey (Nov-Oct) 0 0 0 13 17 7 9 42 27

United States (Aug-Jul) 11 11 11 16 20 20 0 0 0

European Union (Oct-Sep) 6 2 2 0 0 0 822 672 722

Other 85 69 56 67 67 39 133 149 125

World Total 417 271 208 115 121 83 964 863 874

Foreign Agricultural Service/USDA 25 December 2020Global Market Analysis

Page 26: India Tariff Cut Boosts Palm Oil Imports

Table 15: World Oilseeds and Products Supply and Distribution

Million Metric Tons

Area

Harvested

Beginning

Stocks

Production Imports Total

Supply

Exports Food Use

Dom.

Domestic

Consumpti

Ending

Stocks

Major Oilseeds

393.15 31.9291.74560.7190.4177.16220.36 2007/08 403.28 65.69

399.74 33.7894.15559.9794.5465.69230.88 2008/09 405.31 60.51

447.24 34.61107.60610.38102.6260.51235.73 2009/10 425.41 77.36

460.52 35.86108.32642.90105.0177.36245.74 2010/11 446.04 88.53

446.84 36.07110.97648.65113.2888.53248.83 2011/12 465.92 71.76

474.72 36.44118.13661.28114.7971.76256.70 2012/13 471.20 71.96

503.33 37.34133.86709.10133.8171.96261.16 2013/14 494.60 80.64

538.35 38.81147.42762.53143.5480.64267.20 2014/15 520.43 94.68

523.16 40.18153.58771.87154.0394.68264.77 2015/16 526.31 91.98

574.59 41.64170.84833.24166.6791.98267.77 2016/17 554.09 108.32

582.58 42.74176.56865.82174.91108.32280.34 2017/18 572.34 116.92

600.01 43.66170.90884.03167.10116.92281.46 2018/19 580.90 132.24

576.44 44.75190.04898.19189.52132.24279.01 2019/20 597.47 110.68

595.68 46.02191.80895.20188.84110.68282.74 2020/21 605.63 97.76

Major Protein Meals

231.90 0.2972.93312.7570.5310.31nr 2007/08 229.40 10.41

230.08 0.3270.15308.8468.3610.41nr 2008/09 230.14 8.55

244.47 0.4072.70323.4170.398.55nr 2009/10 240.53 10.18

257.28 0.3377.88342.5275.0710.18nr 2010/11 251.67 12.97

267.43 0.4081.10359.5879.1812.97nr 2011/12 263.85 14.64

269.16 0.4379.44358.8675.0614.64nr 2012/13 266.45 12.97

282.68 0.4483.55376.2680.6212.97nr 2013/14 278.13 14.58

300.25 0.4586.63397.2482.4014.58nr 2014/15 292.80 17.81

305.20 0.4887.39406.4283.4117.81nr 2015/16 301.92 17.12

319.79 0.5188.68421.2484.3317.12nr 2016/17 315.56 17.00

330.74 0.5989.64433.7686.0317.00nr 2017/18 326.40 17.73

332.97 0.6794.18439.3888.6917.73nr 2018/19 328.97 16.24

344.65 0.7194.01449.9389.0416.24nr 2019/20 342.02 13.90

351.99 0.7592.12454.1188.2313.90nr 2020/21 350.37 11.62

Major Vegetable Oils

129.98 99.5554.45194.5049.9914.5314.73 2007/08 125.14 14.92

135.20 103.2956.65203.7553.6414.9215.61 2008/09 131.25 15.86

142.48 107.8158.85213.9955.6515.8616.46 2009/10 138.50 16.63

149.06 109.8460.81222.7557.0516.6317.50 2010/11 142.50 19.44

158.08 115.7364.80239.3761.8619.4418.50 2011/12 151.54 23.03

161.37 120.7168.34249.7665.3623.0319.15 2012/13 158.22 23.19

171.60 125.5370.21261.9767.1723.1920.02 2013/14 166.39 25.37

177.03 130.8576.57273.4371.0325.3720.78 2014/15 170.43 26.43

176.33 135.0773.83273.4770.7126.4321.82 2015/16 177.27 22.37

188.57 139.4581.32286.5475.5922.3722.49 2016/17 183.17 22.05

198.28 144.0580.13295.8475.5122.0523.26 2017/18 192.44 23.27

203.56 147.5785.99308.2981.4723.2723.75 2018/19 199.64 22.66

207.20 150.9686.66312.2482.3722.6624.30 2019/20 202.81 22.77

209.14 154.7686.04314.0882.1722.7724.67 2020/21 207.94 20.10

Based on the aggregate of different marketing years

Foreign Agricultural Service/USDA 26 December 2020Global Market Analysis

Page 27: India Tariff Cut Boosts Palm Oil Imports

Table 16: World Soybeans and Products Supply and Distribution

Million Metric Tons

Area

Harvested

Beginning

Stocks

Production Imports Total

Supply

Exports Crush Domestic

Consumpti

Ending

Stocks

Oilseed, Soybean

219.23 202.5878.70362.6778.6264.8291.10 2007/08 229.61 54.36

212.23 194.8276.71344.4677.8754.3696.57 2008/09 222.41 45.34

260.97 210.4892.06393.8287.5145.34102.75 2009/10 239.16 62.60

264.73 222.1991.58417.0889.7562.60103.63 2010/11 252.51 72.99

240.83 229.1991.77408.4894.6672.99103.15 2011/12 259.26 57.45

268.96 231.87100.38423.6197.2057.45110.29 2012/13 265.15 58.07

282.70 242.96112.78454.07113.3158.07112.91 2013/14 277.89 63.41

320.49 264.70126.43508.20124.3063.41118.74 2014/15 303.63 78.14

315.46 275.31132.70527.35133.7678.14120.45 2015/16 316.27 78.39

349.77 287.60147.63572.76144.6078.39119.56 2016/17 331.07 94.06

342.93 294.67153.14590.29153.3094.06124.27 2017/18 338.32 98.83

361.04 298.42148.82605.70145.8398.83124.96 2018/19 344.15 112.72

336.47 309.27164.57614.64165.45112.72122.44 2019/20 354.61 95.46

362.05 321.64168.48623.84166.3395.46126.88 2020/21 369.72 85.64

Meal, Soybean

158.96 202.6056.50221.2754.887.43nr 2007/08 156.99 7.77

153.05 194.9053.27212.4151.597.77nr 2008/09 153.83 5.31

165.78 210.5655.94224.5853.485.31nr 2009/10 161.71 6.93

175.00 222.2858.89238.7856.856.93nr 2010/11 170.56 9.34

180.94 229.3058.71247.3057.019.34nr 2011/12 177.87 10.72

182.30 232.1058.47247.4554.4410.72nr 2012/13 179.05 9.93

190.53 243.2160.87258.6558.209.93nr 2013/14 186.69 11.10

208.45 264.9864.66280.4560.9111.10nr 2014/15 201.69 14.10

216.05 275.6565.91292.8662.7114.10nr 2015/16 213.28 13.67

225.74 288.0764.99300.4261.0113.67nr 2016/17 221.68 13.75

232.26 295.2065.33308.3862.3613.75nr 2017/18 228.92 14.13

233.86 298.8967.72310.8062.8114.13nr 2018/19 230.16 12.93

242.99 309.7667.03318.4862.5612.93nr 2019/20 240.84 10.61

252.85 322.4666.15326.3062.8410.61nr 2020/21 251.05 9.10

Oil, Soybean

37.78 202.5810.8852.1310.304.05nr 2007/08 37.28 3.97

36.16 194.829.2249.149.013.97nr 2008/09 36.32 3.60

38.97 210.489.2351.068.493.60nr 2009/10 38.14 3.70

41.47 222.199.6854.569.383.70nr 2010/11 40.43 4.44

42.83 229.198.5455.298.014.44nr 2011/12 42.45 4.30

43.36 231.979.3856.188.524.30nr 2012/13 42.56 4.25

45.26 243.059.4458.799.284.25nr 2013/14 45.42 3.93

49.29 264.8011.1563.2710.053.93nr 2014/15 47.65 4.46

51.61 275.4611.8067.8111.744.46nr 2015/16 52.11 3.90

53.82 287.8211.3368.7010.983.90nr 2016/17 53.43 3.94

55.15 294.9010.5768.959.873.94nr 2017/18 54.49 3.90

55.88 298.6711.1870.4610.683.90nr 2018/19 55.14 4.14

57.92 309.5411.9373.4511.394.14nr 2019/20 56.68 4.84

60.27 321.9412.0076.2911.184.84nr 2020/21 59.48 4.81

Based on the aggregate of different marketing years, primarily October through September.

Foreign Agricultural Service/USDA 27 December 2020Global Market Analysis

Page 28: India Tariff Cut Boosts Palm Oil Imports

Table 17: World Rapeseed and Products Supply and Distribution

Million Metric Tons

Area

Harvested

Beginning

Stocks

Production Imports Total

Supply

Exports Food Use

Dom.

Domestic

Consumpti

Ending

Stocks

Oilseed, Rapeseed

49.15 0.358.1861.917.575.2029.15 2007/08 49.20 4.53

58.17 0.4012.2074.8412.154.5331.20 2008/09 54.99 7.66

60.79 0.4210.9079.2610.817.6630.65 2009/10 59.66 8.70

60.52 0.4510.9379.4010.188.7033.58 2010/11 59.79 8.68

61.23 0.4512.9983.1513.248.6833.30 2011/12 63.34 6.83

63.31 0.4712.5782.9712.836.8335.79 2012/13 64.89 5.50

70.63 0.4915.1091.6815.555.5035.70 2013/14 68.82 7.76

70.42 0.5515.1192.5014.317.7635.03 2014/15 70.11 7.29

68.74 0.6514.3890.1314.117.2933.30 2015/16 69.51 6.24

69.49 0.6515.8491.2215.496.2433.42 2016/17 70.25 5.13

75.15 0.6516.2395.6115.335.1336.54 2017/18 71.28 8.10

72.99 0.6514.3195.4214.338.1036.81 2018/19 71.46 9.64

69.22 0.6515.9294.3715.509.6434.90 2019/20 71.43 7.02

68.87 0.6515.4591.1315.247.0234.72 2020/21 70.60 5.09

Meal, Rapeseed

27.22 0.003.9331.853.880.75nr 2007/08 27.27 0.64

30.36 0.003.7534.783.770.64nr 2008/09 30.22 0.80

32.90 0.003.6337.593.880.80nr 2009/10 32.71 1.25

33.39 0.005.2839.975.331.25nr 2010/11 33.64 1.06

34.92 0.005.5641.545.561.06nr 2011/12 34.88 1.10

35.97 0.005.7042.695.621.10nr 2012/13 36.00 0.99

38.32 0.006.3645.816.500.99nr 2013/14 38.52 0.94

38.72 0.006.0745.666.010.94nr 2014/15 38.59 1.00

38.56 0.005.6945.285.721.00nr 2015/16 38.47 1.11

38.78 0.005.9945.795.901.11nr 2016/17 38.77 1.03

39.37 0.006.3946.656.241.03nr 2017/18 39.21 1.05

39.15 0.006.8547.056.851.05nr 2018/19 39.13 1.07

39.51 0.007.3047.957.371.07nr 2019/20 39.51 1.14

39.04 0.007.2047.197.011.14nr 2020/21 39.01 0.98

Oil, Rapeseed

18.95 13.521.9121.812.050.81nr 2007/08 18.80 1.10

21.33 14.412.4724.912.481.10nr 2008/09 20.99 1.45

23.23 15.232.7527.632.961.45nr 2009/10 22.75 2.13

23.41 15.663.4328.923.382.13nr 2010/11 23.20 2.28

24.72 16.423.9831.084.082.28nr 2011/12 23.79 3.30

25.39 16.473.9532.633.943.30nr 2012/13 23.73 4.94

27.02 17.763.8335.773.814.94nr 2013/14 25.67 6.27

27.41 18.764.0737.633.956.27nr 2014/15 26.93 6.63

27.31 19.884.1738.074.126.63nr 2015/16 28.25 5.65

27.53 20.314.5037.574.405.65nr 2016/17 28.88 4.19

27.91 20.274.6136.604.504.19nr 2017/18 28.87 3.12

27.68 19.984.9635.674.863.12nr 2018/19 28.06 2.65

27.98 19.985.5736.075.442.65nr 2019/20 28.06 2.45

27.64 19.625.4235.295.212.45nr 2020/21 27.64 2.24

Based on the aggregate of different marketing years.

Foreign Agricultural Service/USDA 28 December 2020Global Market Analysis

Page 29: India Tariff Cut Boosts Palm Oil Imports

Table 18: World Sunflower and Products Supply and Distribution

Million Metric Tons

Area

Harvested

Beginning

Stocks

Production Imports Exports Domestic

Consumpti

Ending

Stocks

Oilseed, Sunflowerseed

27.62 3.7227.751.461.294.0221.43 2007/08

33.12 3.8532.762.151.923.7223.89 2008/09

31.59 2.6032.861.551.563.8522.97 2009/10

32.76 2.2632.931.781.622.6023.08 2010/11

38.71 2.5438.211.931.702.2624.64 2011/12

34.94 2.7834.581.461.352.5423.59 2012/13

41.53 3.2740.662.011.632.7824.01 2013/14

39.24 2.9239.471.671.563.2723.10 2014/15

40.70 2.8140.712.081.982.9223.46 2015/16

48.23 3.4247.342.552.262.8125.91 2016/17

47.83 2.6848.182.622.243.4225.91 2017/18

50.56 2.4050.333.122.612.6825.78 2018/19

54.96 2.3954.563.683.262.4026.34 2019/20

49.46 1.3750.132.632.282.3926.55 2020/21

Meal, Sunflowerseed

11.26 0.3010.843.312.960.24nr 2007/08

13.08 0.8112.474.304.200.30nr 2008/09

13.42 1.0012.834.093.690.81nr 2009/10

13.31 1.0712.724.574.061.00nr 2010/11

15.60 1.7014.606.806.421.07nr 2011/12

14.14 0.7914.835.134.921.70nr 2012/13

16.81 1.3915.756.235.770.79nr 2013/14

16.14 1.4915.685.875.531.39nr 2014/15

16.54 1.4316.336.255.971.49nr 2015/16

19.40 1.2519.097.446.971.43nr 2016/17

19.94 1.3619.406.996.541.25nr 2017/18

20.81 1.2920.698.027.831.36nr 2018/19

22.30 1.2521.958.668.261.29nr 2019/20

20.71 0.6221.077.397.131.25nr 2020/21

Oil, Sunflowerseed

10.26 1.209.513.532.781.20nr 2007/08

11.89 1.9410.754.554.151.20nr 2008/09

12.12 1.9211.454.503.811.94nr 2009/10

12.08 1.8511.314.543.701.92nr 2010/11

14.35 3.0512.496.485.831.85nr 2011/12

12.85 2.2713.115.555.033.05nr 2012/13

15.62 2.9514.127.786.962.27nr 2013/14

14.94 2.5514.147.416.212.95nr 2014/15

15.41 1.8915.018.147.092.55nr 2015/16

18.20 2.2416.2810.508.931.89nr 2016/17

18.50 2.2317.2710.018.772.24nr 2017/18

19.47 1.7717.9511.259.282.23nr 2018/19

21.50 2.0119.5213.1311.401.77nr 2019/20

19.27 1.0319.0210.859.622.01nr 2020/21

Based on the aggregate of different marketing years, primarily September through August.

Foreign Agricultural Service/USDA 29 December 2020Global Market Analysis

Page 30: India Tariff Cut Boosts Palm Oil Imports

Table 19: World Palm Oil, Coconut Oil, and Fish Meal Supply and Distribution

Million Metric Tons

Beginning

Stocks

Production Imports Total

Supply

Exports Industrial

Dom.

Food Use

Dom.

Domestic

Consumpti

Ending

Stocks

Oil, Palm

29.83 29.408.8532.4977.2641.455.99 2007/08 38.82 5.95

33.02 32.019.6335.0083.4744.495.95 2008/09 42.29 6.18

34.56 33.8310.0636.3387.1246.386.18 2009/10 44.49 6.30

35.35 34.1810.7337.3490.8149.166.30 2010/11 45.48 8.00

38.46 36.6712.4739.8598.9652.508.00 2011/12 49.78 9.33

42.05 40.0614.6543.06107.8456.469.33 2012/13 55.36 9.41

41.86 40.8916.2143.17110.5359.269.41 2013/14 57.73 9.63

44.69 43.0914.3347.39116.1661.839.63 2014/15 58.05 10.72

42.41 42.4616.1443.87111.9658.8310.72 2015/16 59.24 8.85

46.02 44.4616.3748.89120.1165.258.85 2016/17 61.49 9.73

46.52 46.6719.6048.65126.7370.489.73 2017/18 66.96 11.13

50.39 49.3422.6951.58135.5874.0611.13 2018/19 72.72 11.28

47.75 48.6422.9648.91132.2073.1811.28 2019/20 72.31 10.99

49.77 51.0623.6751.04136.2175.4510.99 2020/21 75.45 9.72

Oil, Coconut

1.91 1.781.521.935.813.410.49 2007/08 3.33 0.55

1.67 1.661.571.485.603.370.55 2008/09 3.26 0.86

2.30 2.081.712.076.653.490.86 2009/10 3.83 0.75

1.78 1.861.671.806.143.610.75 2010/11 3.57 0.77

1.83 1.921.551.866.013.410.77 2011/12 3.51 0.64

1.89 1.991.701.936.163.630.64 2012/13 3.72 0.52

1.74 1.741.561.915.653.400.52 2013/14 3.33 0.40

1.82 1.741.511.945.613.380.40 2014/15 3.29 0.38

1.58 1.671.541.585.303.340.38 2015/16 3.23 0.49

1.49 1.571.611.765.383.410.49 2016/17 3.21 0.42

1.70 1.691.701.735.783.670.42 2017/18 3.42 0.63

1.82 1.741.772.116.213.760.63 2018/19 3.55 0.55

1.82 1.801.721.915.963.600.55 2019/20 3.55 0.50

1.89 1.861.791.885.953.570.50 2020/21 3.67 0.40

Meal, Fish

3.17 0.000.052.949.275.140.97 2007/08 5.50 0.83

3.26 0.000.053.089.295.200.83 2008/09 5.51 0.71

2.76 0.000.052.417.714.240.71 2009/10 5.03 0.28

2.77 0.000.052.698.605.550.28 2010/11 5.22 0.69

3.05 0.000.052.808.444.710.69 2011/12 5.36 0.28

2.47 0.000.052.327.594.840.28 2012/13 4.81 0.46

2.73 0.000.052.477.644.450.46 2013/14 4.94 0.23

2.51 0.000.052.287.424.690.23 2014/15 4.87 0.27

2.44 0.000.052.217.224.510.27 2015/16 4.73 0.27

3.02 0.000.052.538.174.870.27 2016/17 5.38 0.26

2.99 0.000.052.588.014.760.26 2017/18 5.17 0.26

3.02 0.000.052.568.044.760.26 2018/19 5.21 0.26

2.96 0.000.052.447.854.630.26 2019/20 5.18 0.23

3.08 0.000.052.678.174.870.23 2020/21 5.29 0.22

Based on the aggregate of different marketing years.

Foreign Agricultural Service/USDA 30 December 2020Global Market Analysis

Page 31: India Tariff Cut Boosts Palm Oil Imports

Table 20: United States Oilseeds and Products Supply and Distribution Local Marketing Year

Thousand Metric Tons

Area

Harvested

Beginning

Stocks

Production Imports Total

Supply

Exports Crush Domestic

Consumpti

Ending

Stocks

Major Oilseeds

82,453 53,49533,045100,7411,26517,02331,970 2007/08 60,787 6,909

89,201 49,34235,69497,4051,2956,90935,265 2008/09 56,091 5,620

98,951 51,48341,691105,6371,0665,62035,511 2009/10 58,402 5,544

100,432 49,32341,938106,9219455,54437,179 2010/11 57,664 7,319

92,442 50,31637,813101,0461,2857,31935,131 2011/12 57,621 5,612

93,323 50,25037,156100,5401,6055,61236,676 2012/13 57,621 5,763

98,986 51,45545,569107,8163,0675,76335,428 2013/14 58,294 3,953

116,050 55,10851,109121,8541,8513,95338,991 2014/15 63,989 6,756

115,891 55,05553,968123,7771,1306,75638,403 2015/16 62,941 6,868

126,942 56,25760,084135,3121,5026,86839,247 2016/17 65,627 9,601

131,483 60,16859,315142,5031,4199,60142,801 2017/18 69,361 13,827

130,716 61,03348,816145,6591,11613,82741,328 2018/19 70,303 26,540

106,980 63,09746,885134,7381,21826,54036,872 2019/20 71,916 15,937

123,670 63,98861,078140,7611,15415,93738,997 2020/21 73,223 6,460

Major Protein Meals

40,786 53,4958,70643,1631,992385nr 2007/08 34,123 334

37,631 49,3427,94039,7821,817334nr 2008/09 31,596 246

39,992 51,48310,30841,5821,344246nr 2009/10 30,933 341

38,032 49,3238,48840,6142,241341nr 2010/11 31,748 378

39,450 50,3169,17042,8603,032378nr 2011/12 33,354 336

38,593 50,25010,46042,3223,393336nr 2012/13 31,548 314

39,291 51,45510,80343,4033,798314nr 2013/14 32,308 292

43,210 55,10812,14447,3753,873292nr 2014/15 34,941 290

42,777 55,05511,17847,1374,070290nr 2015/16 35,684 275

43,112 56,25710,82647,3073,920275nr 2016/17 36,073 408

47,027 60,16813,00551,1713,736408nr 2017/18 37,603 563

46,522 61,03312,49751,0203,935563nr 2018/19 38,101 422

48,796 63,09713,06153,3384,120422nr 2019/20 39,891 386

49,365 63,98812,98353,7854,034386nr 2020/21 40,392 410

Major Vegetable Oils

10,544 53,4951,67915,3943,1091,7410 2007/08 12,251 1,464

9,667 49,3421,45714,3613,2301,4640 2008/09 11,167 1,737

10,058 51,4831,94815,1333,3381,7370 2009/10 11,194 1,991

9,775 49,3231,86115,3783,6121,9910 2010/11 11,794 1,723

10,032 50,3161,14615,5863,8311,7230 2011/12 12,873 1,567

10,231 50,2501,38715,5993,8011,5670 2012/13 13,068 1,144

10,425 51,4551,11615,5854,0161,1440 2013/14 13,498 971

10,938 55,1081,17416,1394,2309710 2014/15 13,679 1,286

11,210 55,0551,24817,0234,5271,2860 2015/16 14,573 1,202

11,434 56,2571,41617,3674,7311,2020 2016/17 14,720 1,231

12,109 60,1681,34218,1234,7831,2310 2017/18 15,542 1,239

12,196 61,0331,09218,1364,7011,2390 2018/19 15,884 1,160

12,661 63,0971,50518,7484,9271,1600 2019/20 16,037 1,206

12,921 63,9881,47919,0964,9691,2060 2020/21 16,366 1,251

Based on the aggregate of different marketing years

Foreign Agricultural Service/USDA 31 December 2020Global Market Analysis

Page 32: India Tariff Cut Boosts Palm Oil Imports

Table 21: United States Soybeans and Products Supply and Distribution Local Marketing Years

Thousand Metric Tons

Area

Harvested

Beginning

Stocks

Production Imports Total

Supply

Exports Crush Domestic

Consumpti

Ending

Stocks

Oilseed, Soybean

72,859 49,08131,53888,74526915,61725,959 2007/08 51,627 5,580

80,749 45,23034,81786,6903615,58030,222 2008/09 48,112 3,761

91,470 47,67340,79895,6283973,76130,907 2009/10 50,724 4,106

90,663 44,85140,95995,1623934,10631,003 2010/11 48,351 5,852

84,291 46,34837,18690,5824395,85229,856 2011/12 48,786 4,610

82,791 45,96736,12988,5041,1034,61030,814 2012/13 48,550 3,825

91,363 47,19244,59497,1411,9533,82530,850 2013/14 50,043 2,504

106,905 50,97550,136110,3139042,50433,431 2014/15 54,989 5,188

106,869 51,33552,869112,6986415,18833,080 2015/16 54,475 5,354

116,931 51,74258,964122,8916065,35433,470 2016/17 55,719 8,208

120,065 55,92658,071128,8675948,20836,236 2017/18 58,873 11,923

120,515 56,93547,676132,82138311,92335,448 2018/19 60,405 24,740

96,667 58,91045,620121,82641924,74030,327 2019/20 61,959 14,247

113,496 59,73859,874128,15140814,24733,301 2020/21 63,514 4,763

Meal, Soybean

38,359 49,0818,38438,798128311nr 2007/08 30,147 267

35,473 45,2307,70835,82080267nr 2008/09 27,899 213

37,836 47,67310,12538,194145213nr 2009/10 27,795 274

35,608 44,8518,23836,045163274nr 2010/11 27,489 318

37,217 46,3488,84537,731196318nr 2011/12 28,614 272

36,174 45,96710,11136,668222272nr 2012/13 26,308 249

36,909 47,19210,50437,505347249nr 2013/14 26,774 227

40,880 50,97511,89141,409302227nr 2014/15 29,282 236

40,525 51,33510,84341,119358236nr 2015/16 30,037 239

40,630 51,74210,50541,182313239nr 2016/17 30,314 363

44,657 55,92612,71745,458438363nr 2017/18 32,237 504

44,283 56,93512,19145,407620504nr 2018/19 32,851 365

46,358 58,91012,77047,303580365nr 2019/20 34,223 310

46,909 59,73812,70147,763544310nr 2020/21 34,744 318

Oil, Soybean

9,335 49,0811,32010,764301,399nr 2007/08 8,317 1,127

8,503 45,2309959,671411,127nr 2008/09 7,378 1,298

8,897 47,6731,52410,242471,298nr 2009/10 7,173 1,545

8,568 44,8511,46610,185721,545nr 2010/11 7,506 1,213

8,954 46,34866410,235681,213nr 2011/12 8,396 1,175

8,990 45,96798110,254891,175nr 2012/13 8,522 751

9,131 47,1928529,95775751nr 2013/14 8,577 528

9,706 50,97591410,354120528nr 2014/15 8,599 841

9,956 51,3351,01710,927130841nr 2015/16 9,145 765

10,035 51,7421,15910,945145765nr 2016/17 9,010 776

10,783 55,9261,10811,711152776nr 2017/18 9,698 905

10,976 56,93588012,061180905nr 2018/19 10,376 805

11,300 58,9101,28812,250145805nr 2019/20 10,123 839

11,539 59,7381,24712,537159839nr 2020/21 10,433 857

Data based on Local Marketing Year (MY). Soybeans are on a September/August MY, and Soybean Meal and

Oil are on an October/September MY.

Foreign Agricultural Service/USDA 32 December 2020Global Market Analysis

Page 33: India Tariff Cut Boosts Palm Oil Imports

Table 22: Brazil Soybeans and Products Supply and Distribution Local Marketing Years

Thousand Metric Tons

Area

Harvested

Beginning

Stocks

Production Imports Total

Supply

Exports Crush Domestic

Consumpti

Ending

Stocks

Oilseed, Soybean (Local)

61,000 31,89524,51567,708836,62521,300 2007/08 34,365 8,828

57,800 30,77928,04166,7521248,82821,700 2008/09 33,129 5,582

69,000 35,70029,18874,7321505,58223,500 2009/10 38,100 7,444

75,300 37,26433,78982,784407,44424,200 2010/11 39,714 9,281

66,500 36,23031,90576,0792989,28125,000 2011/12 38,730 5,444

82,000 36,43242,82687,6842405,44427,700 2012/13 38,982 5,876

86,200 38,19545,74792,6555795,87630,100 2013/14 40,795 6,113

97,100 40,33954,635103,5423296,11332,100 2014/15 42,989 5,918

95,700 39,96752,099101,9803625,91833,300 2015/16 42,617 7,264

114,900 42,16168,806122,4312677,26433,900 2016/17 44,811 8,814

123,400 43,38983,728132,3991858,81435,150 2017/18 46,039 2,632

119,700 43,51073,436122,4771452,63235,900 2018/19 46,160 2,881

126,000 44,00082,000129,7518702,88136,900 2019/20 46,261 1,490

133,000 45,50085,100134,7402501,49038,600 2020/21 48,150 1,490

Meal, Soybean (Local)

24,720 31,89512,70927,1461432,283nr 2007/08 12,300 2,137

23,850 30,77912,15326,073862,137nr 2008/09 12,800 1,120

27,670 35,70014,14728,862721,120nr 2009/10 13,187 1,528

28,880 37,26414,45230,459511,528nr 2010/11 13,400 2,607

28,080 36,23013,85430,702152,607nr 2011/12 14,000 2,848

28,230 36,43213,61931,108302,848nr 2012/13 14,800 2,689

29,560 38,19513,72132,276272,689nr 2013/14 15,300 3,255

31,220 40,33915,10634,491163,255nr 2014/15 15,900 3,485

30,930 39,96714,65134,442273,485nr 2015/16 16,700 3,091

32,680 42,16113,91535,809383,091nr 2016/17 17,100 4,794

33,620 43,38916,78038,426124,794nr 2017/18 17,500 4,146

33,640 43,51016,46237,808224,146nr 2018/19 17,864 3,482

34,100 44,00017,30037,593113,482nr 2019/20 18,000 2,293

35,275 45,50016,70037,583152,293nr 2020/21 18,590 2,293

Oil, Soybean (Local)

6,120 31,8952,1986,4879358nr 2007/08 4,005 284

5,910 30,7791,4966,23541284nr 2008/09 4,395 344

6,850 35,7001,6327,1962344nr 2009/10 5,060 504

7,150 37,2641,7587,6540504nr 2010/11 5,305 591

6,950 36,2301,6887,5432591nr 2011/12 5,395 460

6,990 36,4321,4107,4544460nr 2012/13 5,528 516

7,330 38,1951,3267,8460516nr 2013/14 5,955 565

7,740 40,3391,6508,33732565nr 2014/15 6,220 467

7,670 39,9671,2508,21174467nr 2015/16 6,490 471

8,090 42,1611,3238,61251471nr 2016/17 6,887 402

8,325 43,3891,4098,76841402nr 2017/18 6,990 369

8,330 43,5101,0148,73435369nr 2018/19 7,220 500

8,450 44,0001,1409,150200500nr 2019/20 7,545 465

8,750 45,5001,1509,26550465nr 2020/21 7,700 415

Data based on Brazil's local February/January Marketing Year (MY).

Where February 2012 - January 2013 is the 2011/12 MY.

Foreign Agricultural Service/USDA 33 December 2020Global Market Analysis

Page 34: India Tariff Cut Boosts Palm Oil Imports

Table 23: Argentina Soybeans and Products Supply and Distribution Local Marketing Years

Thousand Metric Tons

Area

Harvested

Beginning

Stocks

Production Imports Total

Supply

Exports Crush Domestic

Consumpti

Ending

Stocks

Oilseed, Soybean (Local)

46,200 31,88311,80351,2252,9472,07816,371 2007/08 33,608 5,814

32,000 28,5553,48637,9711575,81416,000 2008/09 30,405 4,080

54,500 39,19613,70158,58004,08018,600 2009/10 41,496 3,383

49,000 37,52110,38952,396133,38318,300 2010/11 39,901 2,106

40,100 30,6816,09842,20822,10617,577 2011/12 33,431 2,679

49,300 35,0097,81751,98122,67919,750 2012/13 40,009 4,155

53,400 38,5037,43457,55724,15519,250 2013/14 43,503 6,620

61,450 45,11011,67068,2111416,62019,350 2014/15 50,360 6,181

58,800 43,0429,04666,2851,3046,18119,350 2015/16 49,242 7,997

55,000 40,9407,24765,6282,6317,99717,335 2016/17 47,440 10,941

37,800 36,3593,84155,9977,25610,94116,300 2017/18 43,056 9,100

55,300 40,92910,25568,1893,7899,10016,600 2018/19 47,824 10,110

48,800 37,9006,64063,5104,60010,11016,700 2019/20 45,070 11,800

50,000 39,0007,00065,8004,00011,80016,700 2020/21 46,300 12,500

Meal, Soybean (Local)

24,839 31,88324,38925,5763734nr 2007/08 652 535

22,519 28,55521,30323,0584535nr 2008/09 750 1,005

30,493 39,19628,38431,49801,005nr 2009/10 850 2,264

29,181 37,52127,48531,44502,264nr 2010/11 1,085 2,875

23,946 30,68121,97326,82102,875nr 2011/12 1,550 3,298

27,150 35,00923,93730,44803,298nr 2012/13 1,950 4,561

29,528 38,50327,47334,08904,561nr 2013/14 2,200 4,416

34,737 45,11031,87339,15414,416nr 2014/15 2,524 4,757

33,102 43,04230,98137,85904,757nr 2015/16 2,759 4,119

31,450 40,94029,25535,56904,119nr 2016/17 2,930 3,384

27,950 36,35925,84931,33513,384nr 2017/18 3,136 2,350

31,450 40,92929,28233,827272,350nr 2018/19 3,225 1,320

29,100 37,90025,93530,42001,320nr 2019/20 3,200 1,285

29,950 39,00026,70031,23501,285nr 2020/21 3,295 1,240

Oil, Soybean (Local)

6,037 31,8834,9876,2490212nr 2007/08 1,125 137

5,448 28,5553,7095,5850137nr 2008/09 1,716 160

7,460 39,1965,1807,6200160nr 2009/10 2,215 225

7,148 37,5214,2277,3730225nr 2010/11 2,755 391

5,840 30,6813,4336,26635391nr 2011/12 2,550 283

6,616 35,0094,2816,95859283nr 2012/13 2,375 302

7,191 38,5034,2967,51926302nr 2013/14 2,843 380

8,753 45,1106,3129,1385380nr 2014/15 2,308 518

8,382 43,0425,3868,9000518nr 2015/16 3,055 459

7,925 40,9404,7218,3840459nr 2016/17 3,290 373

7,150 36,3594,5677,5230373nr 2017/18 2,610 346

8,000 40,9295,1068,3460346nr 2018/19 2,625 615

7,500 37,9005,6758,1150615nr 2019/20 2,100 340

7,720 39,0005,6508,0600340nr 2020/21 2,115 295

Data based on Argentina's Local April/March Marketing Year (MY).

Where April 2012 - March 2013 is the 2011/12 MY.

Foreign Agricultural Service/USDA 34 December 2020Global Market Analysis

Page 35: India Tariff Cut Boosts Palm Oil Imports

Table 24: South East Asia Oilseeds and Products Supply and Distribution

Thousand Metric Tons

2016/17 2017/18 2018/19 2019/20

Nov

2020/21

Dec

2020/21

none

Production none

4,251 Oilseed, Copra 4,626 4,656 4,552 4,465 4,465

15,058 Oilseed, Palm Kernel 16,274 16,954 16,916 17,390 17,390

879 Oilseed, Soybean 835 802 750 740 740

3,850 Other 3,871 3,800 3,562 3,734 3,732

24,038 Total 25,606 26,212 25,780 26,329 26,327

none

Domestic Consumption none

881 Meal, Fish 882 914 925 937 937

387 Meal, Rapeseed 485 634 504 570 570

18,685 Meal, Soybean 19,632 19,739 20,552 20,830 20,830

3,366 Other 3,531 3,726 3,805 3,980 3,980

23,319 Total 24,530 25,013 25,786 26,317 26,317

none

SME none

1,275 Meal, Fish 1,274 1,321 1,337 1,354 1,354

275 Meal, Rapeseed 345 451 359 406 406

18,595 Meal, Soybean 19,522 19,619 20,432 20,710 20,710

1,720 Other 1,785 1,851 1,880 1,956 1,956

21,865 Total 22,927 23,242 24,007 24,426 24,426

none

Imports none

310 Meal, Fish 332 328 340 350 350

359 Meal, Rapeseed 517 629 479 570 570

16,095 Meal, Soybean 17,169 16,692 17,262 17,330 17,330

750 Other 750 941 896 1,009 1,009

17,514 Total 18,768 18,590 18,977 19,259 19,259

none

Industrial Dom. Cons. none

6,801 Oil, Palm 9,705 12,139 12,555 13,190 13,040

0 Oil, Rapeseed 0 0 0 0 0

46 Oil, Soybean 49 54 59 59 59

0 Oil, Sunflowerseed 0 0 0 0 0

4,291 Other 4,712 4,958 4,819 5,046 5,046

11,138 Total 14,466 17,151 17,433 18,295 18,145

none

Food Use Dom. Cons. none

9,790 Oil, Palm 10,234 10,622 10,990 11,388 11,388

31 Oil, Rapeseed 18 13 14 13 13

672 Oil, Soybean 606 680 771 838 839

131 Oil, Sunflowerseed 146 156 151 156 156

1,491 Other 1,568 1,626 1,661 1,711 1,711

12,115 Total 12,572 13,097 13,587 14,106 14,107

none

Domestic Consumption none

16,954 Oil, Palm 20,322 23,143 23,938 24,975 24,825

31 Oil, Rapeseed 18 13 14 13 13

718 Oil, Soybean 655 734 830 897 898

131 Oil, Sunflowerseed 146 156 151 156 156

5,792 Other 6,290 6,594 6,490 6,767 6,767

23,626 Total 27,431 30,640 31,423 32,808 32,659

none

Imports none

3,732 Oil, Palm 3,671 4,276 3,988 4,307 4,307

12 Oil, Rapeseed 13 12 13 12 12

272 Oil, Soybean 246 242 270 274 277

0 Oil, Sunflowerseed 15 25 20 25 25

503 Other 643 671 698 696 696

4,519 Total 4,588 5,226 4,989 5,314 5,317

Southeast Asia includes Brunei, Burma, Cambonia, Indonesia, Laos, Malaysia, Philippines, Singapore, Thailand, and Vietnam.

SME - 44 Percent Protein Soybean Meal Equivalent

Foreign Agricultural Service/USDA 35 December 2020Global Market Analysis

Page 36: India Tariff Cut Boosts Palm Oil Imports

Table 25: Middle East Oilseeds and Products Supply and Distribution

Thousand Metric Tons

2016/17 2017/18 2018/19 2019/20

Nov

2020/21

Dec

2020/21

none

Production none

1,228 Oilseed, Cottonseed 1,447 1,376 1,278 1,066 1,066

263 Oilseed, Rapeseed 200 228 228 235 235

241 Oilseed, Soybean 292 257 277 281 281

1,370 Oilseed, Sunflowerseed 1,605 1,847 1,798 1,619 1,612

164 Other 165 154 150 155 155

3,266 Total 3,709 3,862 3,731 3,356 3,349

none

Domestic Consumption none

125 Meal, Fish 125 175 145 170 170

840 Meal, Rapeseed 731 493 537 540 540

8,072 Meal, Soybean 8,496 9,043 9,182 9,444 9,444

3,345 Other 3,704 3,968 3,966 4,069 4,065

12,382 Total 13,056 13,679 13,830 14,223 14,219

none

SME none

181 Meal, Fish 181 253 210 246 246

598 Meal, Rapeseed 520 351 382 384 384

8,070 Meal, Soybean 8,494 9,042 9,180 9,442 9,442

2,235 Other 2,424 2,600 2,601 2,634 2,631

11,083 Total 11,618 12,245 12,372 12,706 12,703

none

Imports none

124 Meal, Fish 128 178 150 175 175

173 Meal, Rapeseed 169 175 228 213 217

5,377 Meal, Soybean 5,132 6,182 5,666 5,550 5,550

1,771 Other 1,858 1,931 1,946 1,925 1,925

7,445 Total 7,287 8,466 7,990 7,863 7,867

none

Imports none

2,598 Oil, Palm 2,586 2,825 2,879 2,948 2,948

52 Oil, Rapeseed 52 52 52 52 52

364 Oil, Soybean 246 430 172 212 212

2,269 Oil, Sunflowerseed 1,888 2,059 2,427 1,867 1,895

187 Other 187 250 241 225 230

5,470 Total 4,959 5,616 5,771 5,304 5,337

none

Industrial Dom. Cons. none

180 Oil, Palm 180 160 160 160 160

30 Oil, Rapeseed 15 10 7 6 6

125 Oil, Soybean 139 128 123 133 133

20 Oil, Sunflowerseed 20 20 20 20 20

51 Other 56 85 78 72 72

406 Total 410 403 388 391 391

none

Food Use Dom. Cons. none

1,940 Oil, Palm 2,147 2,331 2,350 2,442 2,442

250 Oil, Rapeseed 200 177 180 187 187

860 Oil, Soybean 864 869 788 745 745

2,291 Oil, Sunflowerseed 2,396 2,612 2,652 2,727 2,746

641 Other 666 644 660 659 664

5,982 Total 6,273 6,633 6,630 6,760 6,784

none

Domestic Consumption none

2,120 Oil, Palm 2,327 2,491 2,510 2,602 2,602

280 Oil, Rapeseed 215 187 187 193 193

1,040 Oil, Soybean 1,063 1,057 966 943 943

2,321 Oil, Sunflowerseed 2,426 2,642 2,682 2,757 2,776

702 Other 733 745 746 738 743

6,463 Total 6,764 7,122 7,091 7,233 7,257

Middle East includes Bahrain, Gaza Strip, Iran, Iraq, Israel, Jordan, Kuwait, Lebanon, Oman, Qatar, Saudi Arabia, Syria, Turkey, United

Arab Emirates, West Banks, and Yemen.

SME - 44 Percent Protein Soybean Meal Equivalent

Foreign Agricultural Service/USDA 36 December 2020Global Market Analysis

Page 37: India Tariff Cut Boosts Palm Oil Imports

Table 26: European Union Oilseeds and Products Supply and Distribution

Thousand Metric Tons

2016/17 2017/18 2018/19 2019/20

Nov

2020/21

Dec

2020/21

none

Production none

20,538 Oilseed, Rapeseed 22,184 20,061 16,880 17,000 16,900

2,410 Oilseed, Soybean 2,539 2,667 2,615 2,750 2,700

8,651 Oilseed, Sunflowerseed 10,128 9,505 9,643 9,300 9,200

417 Other 486 546 639 488 488

32,016 Total 35,337 32,779 29,777 29,538 29,288

none

Domestic Consumption none

536 Meal, Fish 587 649 610 650 650

13,725 Meal, Rapeseed 13,600 13,325 13,200 13,000 12,950

30,217 Meal, Soybean 30,092 30,342 30,742 30,967 31,042

9,908 Other 10,388 10,212 9,538 9,510 9,460

54,386 Total 54,667 54,528 54,090 54,127 54,102

none

SME none

775 Meal, Fish 848 938 881 939 939

9,765 Meal, Rapeseed 9,676 9,481 9,392 9,250 9,214

30,175 Meal, Soybean 30,050 30,300 30,700 30,925 31,000

5,795 Other 6,021 5,919 5,567 5,475 5,441

46,510 Total 46,596 46,638 46,540 46,588 46,594

none

Imports none

193 Meal, Fish 269 310 275 320 320

219 Meal, Rapeseed 242 514 383 515 475

18,793 Meal, Soybean 18,367 18,755 17,616 18,050 18,050

5,691 Other 5,806 5,896 4,918 5,004 5,004

24,896 Total 24,684 25,475 23,192 23,889 23,849

none

Industrial Dom. Cons. none

3,700 Oil, Palm 3,800 3,960 3,900 3,900 3,900

7,100 Oil, Rapeseed 7,090 6,700 6,600 6,550 6,550

850 Oil, Soybean 870 1,050 1,070 1,110 1,110

450 Oil, Sunflowerseed 470 500 510 510 510

525 Other 565 575 552 585 585

12,625 Total 12,795 12,785 12,632 12,655 12,655

none

Food Use Dom. Cons. none

3,000 Oil, Palm 2,950 2,800 2,800 3,000 3,000

2,950 Oil, Rapeseed 2,960 2,960 2,900 2,900 2,900

1,310 Oil, Soybean 1,300 1,350 1,415 1,475 1,475

4,050 Oil, Sunflowerseed 4,300 4,550 4,750 4,650 4,630

2,301 Other 2,319 2,366 2,396 2,473 2,473

13,611 Total 13,829 14,026 14,261 14,498 14,478

none

Domestic Consumption none

6,900 Oil, Palm 6,950 6,960 6,900 7,100 7,100

10,100 Oil, Rapeseed 10,100 9,710 9,550 9,500 9,500

2,215 Oil, Soybean 2,225 2,455 2,540 2,640 2,640

4,510 Oil, Sunflowerseed 4,783 5,064 5,273 5,173 5,153

2,841 Other 2,899 2,954 2,961 3,068 3,068

26,566 Total 26,957 27,143 27,224 27,481 27,461

none

Imports none

7,217 Oil, Palm 7,079 7,297 7,300 6,700 6,700

153 Oil, Rapeseed 158 246 298 250 300

285 Oil, Soybean 284 416 485 415 415

1,791 Oil, Sunflowerseed 1,529 1,966 2,447 1,750 1,750

1,419 Other 1,611 1,558 1,643 1,601 1,601

10,865 Total 10,661 11,483 12,173 10,716 10,766

European Union includes Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany,

Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain,

Sweden, and United Kingdom.

Foreign Agricultural Service/USDA 37 December 2020Global Market Analysis

Page 38: India Tariff Cut Boosts Palm Oil Imports

Table 27: China Oilseeds and Products Supply and Distribution

Thousand Metric Tons

2016/17 2017/18 2018/19 2019/20

Nov

2020/21

Dec

2020/21

none

Production none

16,361 Oilseed, Peanut 17,092 17,333 17,520 17,500 17,500

13,128 Oilseed, Rapeseed 13,274 13,281 13,485 13,200 13,200

13,596 Oilseed, Soybean 15,283 15,967 18,100 17,500 17,500

3,201 Oilseed, Sunflowerseed 3,149 2,494 3,250 3,300 3,300

8,800 Other 10,800 10,875 10,679 10,777 10,777

55,086 Total 59,598 59,950 63,034 62,277 62,277

none

Domestic Consumption none

2,019 Meal, Fish 1,867 1,788 1,800 1,800 1,800

10,777 Meal, Rapeseed 11,453 11,148 11,034 10,514 10,514

68,646 Meal, Soybean 70,105 66,405 71,507 77,423 77,423

8,252 Other 9,495 10,609 11,981 11,039 11,039

89,694 Total 92,920 89,950 96,322 100,776 100,776

none

SME none

2,917 Meal, Fish 2,698 2,584 2,601 2,601 2,601

7,339 Meal, Rapeseed 7,816 7,595 7,514 7,143 7,143

67,596 Meal, Soybean 69,005 65,255 70,267 76,173 76,173

7,260 Other 8,244 8,987 10,046 9,300 9,300

85,113 Total 87,763 84,421 90,428 95,216 95,216

none

Imports none

1,583 Meal, Fish 1,467 1,424 1,450 1,450 1,450

875 Meal, Rapeseed 1,258 1,437 1,910 1,500 1,500

61 Meal, Soybean 23 17 51 15 15

657 Other 842 2,161 2,975 2,240 2,240

3,176 Total 3,590 5,039 6,386 5,205 5,205

none

Food Use Dom. Cons. none

2,650 Oil, Palm 2,900 4,512 4,083 4,520 4,520

2,807 Oil, Peanut 2,966 3,091 3,382 3,175 3,175

8,600 Oil, Rapeseed 8,600 8,387 8,146 7,657 7,657

16,350 Oil, Soybean 16,500 15,885 17,093 18,691 18,691

1,332 Oil, Sunflowerseed 1,428 1,496 2,418 2,197 2,197

1,296 Other 1,569 1,601 1,562 1,598 1,598

33,035 Total 33,963 34,972 36,684 37,838 37,838

none

Domestic Consumption none

4,750 Oil, Palm 5,100 7,012 6,433 6,920 6,920

2,807 Oil, Peanut 2,966 3,091 3,382 3,175 3,175

8,600 Oil, Rapeseed 8,600 8,387 8,146 7,657 7,657

16,350 Oil, Soybean 16,500 15,885 17,093 18,691 18,691

1,332 Oil, Sunflowerseed 1,428 1,496 2,418 2,197 2,197

1,891 Other 2,270 2,491 2,345 2,448 2,448

35,730 Total 36,864 38,362 39,817 41,088 41,088

none

Imports none

4,881 Oil, Palm 5,320 6,795 6,719 6,900 6,900

111 Oil, Peanut 112 172 226 225 225

802 Oil, Rapeseed 1,067 1,507 1,940 1,600 1,600

711 Oil, Soybean 481 783 1,000 1,100 1,100

725 Oil, Sunflowerseed 785 1,032 1,749 1,500 1,500

773 Other 883 1,117 986 1,085 1,085

8,003 Total 8,648 11,406 12,620 12,410 12,410

SME - 44 Percent Protein Soybean Meal Equivalent

Foreign Agricultural Service/USDA 38 December 2020Global Market Analysis

Page 39: India Tariff Cut Boosts Palm Oil Imports

Table 28: India Oilseeds and Products Supply and Distribution

Thousand Metric Tons

2016/17 2017/18 2018/19 2019/20

Nov

2020/21

Dec

2020/21

none

Production none

11,463 Oilseed, Cottonseed 12,312 10,953 12,524 12,737 12,524

6,924 Oilseed, Peanut 6,665 4,685 6,255 6,700 6,700

6,620 Oilseed, Rapeseed 7,100 8,000 7,700 7,650 7,650

10,992 Oilseed, Soybean 8,350 10,930 9,300 10,500 10,500

318 Oilseed, Sunflowerseed 230 172 140 185 185

735 Other 770 770 770 770 770

37,052 Total 35,427 35,510 36,689 38,542 38,329

none

Domestic Consumption none

3,725 Meal, Cottonseed 4,278 3,973 4,517 4,582 4,582

1,506 Meal, Peanut 1,537 1,379 1,525 1,590 1,590

2,750 Meal, Rapeseed 2,875 3,225 3,340 3,300 3,300

4,675 Meal, Soybean 4,740 5,280 5,720 6,085 6,085

439 Meal, Sunflowerseed 217 229 397 254 254

458 Other 539 552 588 511 511

13,553 Total 14,186 14,638 16,087 16,322 16,322

none

SME none

3,018 Meal, Cottonseed 3,466 3,219 3,660 3,713 3,713

1,687 Meal, Peanut 1,722 1,544 1,708 1,782 1,782

1,957 Meal, Rapeseed 2,046 2,295 2,376 2,348 2,348

4,500 Meal, Soybean 4,550 5,050 5,445 5,785 5,785

293 Meal, Sunflowerseed 145 153 265 169 169

199 Other 236 241 257 222 222

11,654 Total 12,165 12,502 13,712 14,018 14,018

none

Food Use Dom. Cons. none

1,120 Oil, Cottonseed 1,300 1,182 1,350 1,360 1,360

8,800 Oil, Palm 8,700 8,920 7,775 8,100 8,300

1,050 Oil, Peanut 1,080 1,140 1,265 1,250 1,250

2,350 Oil, Rapeseed 2,650 2,650 2,690 2,600 2,550

5,150 Oil, Soybean 4,670 4,750 5,100 5,100 5,150

2,000 Oil, Sunflowerseed 2,500 2,550 2,850 2,650 2,550

240 Other 295 305 290 304 304

20,710 Total 21,195 21,497 21,320 21,364 21,464

none

Domestic Consumption none

1,165 Oil, Cottonseed 1,345 1,227 1,395 1,405 1,405

9,350 Oil, Palm 9,270 9,495 8,335 8,680 8,880

1,060 Oil, Peanut 1,090 1,150 1,275 1,260 1,260

2,435 Oil, Rapeseed 2,730 2,730 2,770 2,680 2,630

5,150 Oil, Soybean 4,670 4,750 5,100 5,100 5,150

2,000 Oil, Sunflowerseed 2,500 2,550 2,850 2,650 2,550

516 Other 595 626 594 619 619

21,676 Total 22,200 22,528 22,319 22,394 22,494

none

Imports none

0 Oil, Cottonseed 3 0 3 0 0

9,341 Oil, Palm 8,608 9,710 7,655 8,500 8,700

0 Oil, Peanut 0 0 0 0 0

317 Oil, Rapeseed 278 62 40 58 38

3,534 Oil, Soybean 2,984 3,000 3,612 3,350 3,400

2,136 Oil, Sunflowerseed 2,496 2,328 2,600 2,450 2,350

82 Other 117 150 120 143 143

15,410 Total 14,486 15,250 14,030 14,501 14,631

SME - 44 Percent Protein Soybean Meal Equivalent

Foreign Agricultural Service/USDA 39 December 2020Global Market Analysis

Page 40: India Tariff Cut Boosts Palm Oil Imports

Year Rapeseed CopraBeg U.S. U.S. Brz Arg Rott U.S. Rott U.S. Rott Hamb RottOct 1 1/ 2/ 3/ 4/ 5/ 6/ 7/ 8/ 9/ 10/ 11/

Oct - Sep Average09/10-18/19 401 407 441 438 465 517 1490 469 481 487 805

2009/10 354 357 390 395 429 467 1,209 342 452 419 6132010/11 454 482 508 511 549 508 1,792 591 661 647 11882011/12 488 505 549 533 562 729 2,480 632 593 616 8292012/13 530 537 538 543 592 635 1,391 546 580 579 5702013/14 482 487 514 517 542 524 1,300 480 466 505 8542014/15 362 356 388 401 407 482 1,294 506 432 417 7492015/16 339 346 382 375 396 419 1,260 433 440 409 9072016/17 347 351 385 376 404 437 1,554 386 408 432 10762017/18 343 337 396 386 403 508 1,317 381 403 425 7842018/19 309 307 360 347 370 463 1,302 389 380 420 483

2019/20 Oct 316 327 372 354 385 450 1,345 384 366 427 484 Nov 316 325 370 353 377 423 1,400 395 389 430 566 Dec 320 333 369 367 381 432 1,450 388 418 449 672 Jan 325 332 359 361 390 461 1,500 425 443 459 680 Feb 316 321 346 347 376 452 1,513 445 426 439 579 Mar 311 316 340 324 369 454 1,500 454 406 406 558 Apr 307 306 334 326 362 445 1,534 454 424 406 551 May 304 305 338 329 360 450 1,473 465 433 409 560 Jun 306 314 365 346 369 478 1,444 456 434 423 620 Jul 312 324 378 360 383 522 1,425 456 435 435 597 Aug 318 332 397 369 387 571 1,394 454 390 446 663 Sep 340 367 434 410 419 522 1,350 452 476 464 689 Average 316 325 367 354 380 472 1,444 436 420 433 602

2020/21 Oct N/A 388 503 456 454 421 1,400 461 530 469 740 *Nov 354 420 521 483 502 N/A 1,475 N/A 605 480 946 Dec Jan Feb Mar Apr May Jun Jul Aug Sep Average 354 404 512 470 478 421 1,438 461 568 475 843

7/ Rotterdam CIF; US Runners 40/50%, Shelled Basis, Oilworld. 8/ US Farm Price; USDA9/ Rotterdam/Amsterdam CIF; EU; Oil World 10/Hamburg CIF; Europe "00"; Oil World.

* Preliminary 12/9/2020 4:58:20 PM

3/ Brazil Paranagua, FOB; IGC 4/ Argentina Up River, FOB; IGC5/ Rotterdam CIF; US origin; Oil World. 6/ US Farm Price, Inshell, USDA.

11/ Phil/Indo CIF NW Europe; Oil World

Table 29: Oilseed Prices U.S. Dollars per Metric Ton

Soybean Peanut Sunseed

1/ U.S. Farm Price; USDA. 2/ U.S. NO.1 Yellow Cash Central Illinois; AMS.

Foreign Agricultural Service/USDA 40 December 2020Global Market Analysis

Page 41: India Tariff Cut Boosts Palm Oil Imports

Year FishBeg U.S. Brz Arg Hamb U.S. Ukr BremOct 1 1/ 2/ 3/ 4/ 6/ 7/ 8/

Oct - Sep Average09/10-18/19 405 387 391 414 214 249 1568

2009/10 343 327 311 391 167 222 16682010/11 381 383 386 418 242 254 16072011/12 434 442 442 461 272 263 14482012/13 516 489 506 538 266 318 17912013/14 540 500 509 533 263 315 16602014/15 406 376 386 403 231 269 1,6322015/16 358 335 349 351 169 233 1,5172016/17 349 322 326 336 160 178 1,3772017/18 380 368 375 382 191 224 1,5062018/19 340 325 321 329 181 219 1,477

2019/20 Oct 341 312 309 319 186 197 1,359 Nov 334 318 318 318 184 201 1,359 Dec 330 326 331 324 198 201 1,362 Jan 331 321 336 332 204 209 1,374 Feb 325 317 330 334 207 208 1,363 Mar 344 337 348 364 198 213 1,406 Apr 326 319 328 363 203 227 1,392 May 318 314 318 328 199 231 1,395 Jun 318 321 319 325 207 228 1,445 Jul 321 326 326 329 223 226 1,482 Aug 320 342 337 345 240 226 1,476 Sep 353 381 377 378 233 232 1,460 Average 330 328 331 338 207 217 1,406

2020/21 Oct 404 436 434 430 233 255 1,438 *Nov 428 465 463 470 235 307 1,445 Dec Jan Feb Mar Apr May Jun Jul Aug Sep Average 416 451 449 450 234 281 1,442

1/ Decatur, Average Wholsale 48% Protein; USDA. 2/ Brazil Paranagua, FOB; 48% Protein; IGC.3/ Argentina Pellets, Up River, FOB; IGC; 4/ Hamburg FOB 44/45% Ex-Mill; Oil World.5/ Memphis FOB; 41% Protein Solvent Extraction; USDA; 6/ Minneapolis FOB; 32% Protein; USDA.7/ HiPro a.o. cif France or Ukraine DAF; Argentina Pellet 37-38% (Prior to Aug 2012); Oilworld.8/ Bremen 64-65% Protein; Oil World. 9/ Hamburg FOB; Ex-Mill 34% Protein; Oil World.* Preliminary 12/9/2020 4:58:20 PM

295318

368 307

269232

258276

335288230

252

227244272244

260288260229

217

264276285311

287

235

225259

214

247

239239244

274272

333403

278271270270

302303366416

U.S.5/

302

244

Table 30: Protein Meal Prices U.S. Dollars per Metric Ton

Soybean SunseedCottonseed RapeseedHamb

9/

270

221278295353323

Foreign Agricultural Service/USDA 41 December 2020Global Market Analysis

Page 42: India Tariff Cut Boosts Palm Oil Imports

Year Cottonseed Palm Canola Coconut CornBegin U.S. Brz Arg Rott U.S. U.S. Rott U.S. Rott Malay Rott Rott U.S.Oct 1 1/ 2/ 3/ 4/ 5/ 6/ 7/ 8/ 9/ 10/ 11/ 12/ 13/

Oct - Sep Average09/10-18/19 833 865 863 949 1,007 1,396 973 1,572 1,573 767 977 1,208 911

2009/10 793 848 829 924 888 1,164 956 1,353 1,291 793 927 921 8662010/11 1,173 1,210 1,211 1,306 1,202 1,899 1,404 1,806 1,751 1,154 1,367 1,772 1,3312011/12 1,144 1,162 1,164 1,241 1,173 1,834 1,254 2,247 2,455 1,032 1,258 1,244 1,2362012/13 1,039 1,012 1,014 1,098 1,071 1,452 1,189 1,934 1,963 791 1,127 858 1,0292013/14 843 871 870 950 1,337 1,304 929 1,430 1,355 803 954 1,278 8692014/15 697 706 705 778 1,009 1,471 850 1,265 1,354 626 782 1,128 8272015/16 658 704 698 774 1,011 1,275 849 1,294 1,443 628 798 1,362 8652016/17 718 765 763 848 902 1,181 807 1,496 1,524 699 871 1,621 8252017/18 662 722 722 822 703 1,203 776 1,470 1,326 626 844 1,175 6692018/19 606 651 649 745 775 1,174 719 1,422 1,269 521 840 724 594

2019/20 Oct 664 677 665 762 836 1,235 738 1,356 1,362 547 883 718 624 Nov 675 704 692 769 847 1,235 763 1,391 1,400 641 904 833 669 Dec 711 778 782 825 887 1,676 802 1,326 1,470 718 923 1,032 689 Jan 728 790 799 871 884 1,543 830 1,301 1,505 761 946 1,011 734 Feb 667 712 726 795 849 1,543 759 1,301 1,550 677 899 850 794 Mar 596 608 611 725 798 1,676 706 1,317 1,550 589 804 839 814 Apr 566 587 589 673 823 1,676 728 1,312 1,650 563 765 840 989 May 557 595 595 672 820 1,631 751 1,369 1,750 529 798 832 1,050 Jun 587 661 659 740 810 1,235 807 1,868 1,750 605 857 915 1,132 Jul 633 724 709 817 948 1,243 817 1,874 1,723 643 893 897 1,002 Aug 708 773 746 867 1,032 1,257 842 1,984 N/A 715 930 983 987 Sep 754 855 799 899 1,095 1,257 1,000 1,984 N/A 746 941 1,034 956 Average 654 705 698 785 886 1,434 795 1,532 1,571 645 879 899 870

2020/21 Oct 748 899 821 895 1,066 1,257 999 2,050 N/A 767 924 1,108 951 *Nov 833 977 944 968 1,200 1,257 1,129 2,177 N/A 878 1,030 1,383 938 Dec Jan Feb Mar Apr May Jun Jul Aug Sep Average 791 938 883 932 1,133 1,257 1,064 2,114 N/A 823 977 1,246 9451/ Decatur; Average Wholesale Tank Crude; USDA. 2/ Brazil Paranagua, FOB Crude; IGC.3/ Argentina Up River, FOB Crude; IGC 4/ Dutch FOB; Ex-Mill; Oil World. 5/ PBSY Greenwood MS; USDA. 6/ Minneapolis FOB; USDA. 7/ EU FOB NW Euro; Oil World. 8/ South East Mills FOB; Tank Cars Crude; USDA. 9/ Rotterdam CIF; Any Origin; Oil World. 10/ Malaysia FOB; RBD; Oil World. 11/ Rotterdam, Dutch FOBEx-Mill; Oilworld. 12/ Rotterdam CIF; Phil/Indo; Oil World. 13/ Chicago; Crude; AMS * Preliminary

Table 31: Vegetable Oil Prices U.S. Dollars per Metric Ton

12/9/2020 4:58:20 PM

Soybean Sunseed Peanut

Foreign Agricultural Service/USDA 42 December 2020Global Market Analysis