Global soya oil output likely to rise

Global 2005-06 soya oil production is likely to rise to 34.70 million tonnes and would so be above likely consumption of 34.36 million tonnes, Hamburg-based oilseeds newsletter Oil World said. This compared to global 2004/05 production of 32.74 million tonnes and consumption of 32.38 million tonnes.
The main reason for the production rise was a likely rise in the world soyabean crop, it said.
"Soyabean oil import demand has not come up to expectations recently," it said. "The larger than expected supplies and exports of palm oil have curbed soyabean oil demand in many countries."
Despite this, global 2004-05 soya oil imports are still forecast to rise on the season and Argentina was seen as the main beneficiary.
"The country is likely to boost exports to 4.7 million tonnes in October 2004/September 2005, up by 300,000 tonnes or eight percent," it said.
"Exports from Brazil and the US will exceed the year-ago level in July/September 2005, which is likely to keep soyabean oil prices under pressure."