Global palm oil production to decline amid bad weather, reduced oilseed plantings, Rabobank says; Global soybean output to reach 251.5 million tonnes, rapeseed output 60.8 million tonnes, USDA estimates
February 13, 2012
– On Feb. 13, commodity oriented retail bank Rabobank International published a report predicting that the worldwide palm oil production would decline due to bad weather and reduced planting, Bloomberg reported Feb. 13.
Prompted by higher corn prices, farmers in the U.S. and China will likely devote fewer acres to oilseeds than they have in the past, said the report.
The report noted that oilseed crops in India and South America would be reduced by adverse weather.
Rabobank said that a prediction by the United States Department of Agriculture that farmers will harvest 251.5 million tonnes of soybeans and 60.8 million tonnes of rapeseed worldwide are most likely too high given that the output will be reduced by poor weather conditions.
The primary source of this article is Bloomberg, New York, New York, on Feb. 13, 2012.