The U.S. Department of Agriculture's Foreign Agricultural Service has released its March 2025 Oilseeds: World Markets and Trade report, revealing significant developments in global oilseed markets. The report highlights a surge in European Union soybean meal imports and a decline in Colombia's palm oil exports, among other key trends.
The European Union's soybean meal import forecast for 2024/25 has been raised by 1.0 million metric tons to 17.6 million. First-quarter imports reached nearly 6.0 million tons, the highest in over a decade. This increase is attributed to low soybean meal export prices, which are approaching five-year lows due to large global soybean supplies and increased crush in producing countries.
Meanwhile, Colombia, the world's fourth-largest palm oil producer, is projected to export 420,000 tons of palm oil in 2024/25, down from the previous year. This decline is largely due to growing domestic biodiesel demand. The Colombia biodiesel blend rate has been steadily increasing since 2015 and is estimated at 12.5 percent in 2024.
In other market developments, Thailand's palm oil exports have stabilized following a decade of growth. As the third-largest palm oil producer globally, Thailand accounts for 5 percent of global output. Over the past decade, the country increased its palm oil production by 80 percent and boosted exports twenty-fold to 800,000 metric tons.
India, the world's largest vegetable oil importer, is experiencing a shift in its import patterns. The 2024/25 palm oil import forecast has been lowered by 900,000 tons to 8.0 million, while estimates for sunflowerseed and soybean oil imports were raised. High palm oil prices have prompted refiners to switch to more cost-effective alternatives.
Global oilseed production for 2024/25 is forecast up by 2 million tons to 680 million, with increases in Ukraine and Russia sunflowerseed, Australia rapeseed, China cottonseed, and Brazil peanut production. Oilseed trade is slightly higher at 208 million tons, while ending stocks are lowered to 139 million tons.
