Oilseeds and Products Annual

ID2023-0005
Indonesia palm oil production for 2023/24 is forecast at 46 million metric tons (MMT), an increase of 3 percent from the previous year. Weather agencies are forecasting a developing El Nino weather pattern in the second half of 2023 that might bring on severe dryness. Soybean imports are expected to rise to 2.65 MMT for 2023/24 on continued rising demand from the soy-based food industry.

Indonesia Freezes Two-Thirds of Palm Oil Exports to Secure Domestic Cooking Oil Supplies Ahead of Ramadan

ID2023-0004
On February 6, the Government of Indonesia (GOI) announced it would suspend two-thirds of palm oil exports in order to shore up domestic cooking oil supplies ahead of Ramadan and Eid festivities. The GOI has set a target of increasing domestic cooking oil supplies by 50 percent. A projected 400,000 to 800,000 metric tons (MT) of Indonesian palm oil are expected to be blocked from the global market over the next three months.

Oilseeds and Products Update

ID2023-0002
Indonesia 2022/23 palm oil consumption is expected to rise to 19.4 million metric tons (MMT) on increased use for biodiesel production, as the Government of Indonesia (GOI) rolls out higher blending rates for its 2023 mandatory biodiesel blending program. The GOI is considering extending its soybean subsidy program into 2023, which would continue to impact the soybean market.