Lang
According to the World Agricultural Supply and Demand Estimates report released by the US Department of Agriculture (USDA) in December, exports of palm oil from the United States and Brazil have risen, driven by a decline in global palm oil production. Mark Jekanowski, chairman of the USDA's World Agricultural Outlook Board, said:
"The drop in palm oil supplies reflects wetter conditions in both Malaysia and Indonesia, which produce most of the world's palm oil. Palm oil prices have risen above soybean oil prices, which has drawn more US palm oil into global markets to help cover some of the shortfall caused by tighter supplies. Palm oil is also a direct competitor to soybean oil and other vegetable oils on the global market. That's why the board tracks palm oil production and supply. Historically, soybean oil sold at a premium to palm oil, but as the US biofuel industry has expanded, the country has retained larger volumes of soybean oil domestically."
He added: "Again, that was a statement from Mark Jekanowski, chairman of the USDA's World Agricultural Outlook Board. Palm oil is an edible vegetable oil extracted from the fruit of the palm tree. It is used in food manufacturing and cosmetics, as well as a biofuel." He concluded by noting that the "2025 Agricultural Commodity Classic," the largest farmer-led educational and agricultural event in the United States, will be held from 2 to 4 March in downtown Denver, as part of the Farm Line report.