February 26, 2008

Global 07-08 soy output 20 million tonnes short of demand 

Global soy output is expected to fall short of demand by around 20 million tonnes in 2007-08, Thomas Mielke, executive director, ISTA Mielke GmbH, publisher of Oil World, said Tuesday (February 26, 2008).

"Global vegetable oil prices are currently high because of the deficit in soy and soyoil production," Mielke told Dow Jones Newswires.

He forecast soyoil stocks to end the crop year to September 2008 at around 3.82 million tonnes, down from 4.04 million tonnes a year earlier.

However, overall vegetable oil stocks will rise slightly during the period to 12.96 million tonnes from 12.74 million tonnes.

Mielke said this would mainly be because of an unprecedented rise in global palm oil production. He forecast palm oil ending stocks this year at 5.81 million tonnes, up from 5.29 million tonnes a year earlier.