Highlights

Growing feed demand driven by expanding livestock and poultry sectors is expected to generate increased import demand for soybeans in MY2017/18 and soybean meal in MY2016/17 and 2017/18. While many soybean oil crushing plants are profitable, most palm oil crushing plants are struggling due to high supply costs and low capacity utilization causing many of them to operate at a loss.

Executive Summary:

Thailand’s feed demand is expected to experience 6-7 percent growth in MY2016/17, followed by an additional 3-4 percent growth in MY2017/18. This growth comes from favorable prospects for exports of chicken meat and pork meat as well as increased domestic meat consumption.

Due to low domestic production, nearly all domestic consumption of soybeans and soybean meal in Thailand is met by imported supplies. Domestic consumption of soybeans (and soybean imports) is likely to decline in MY2016/17 because of reduced use of full fat soybeans in feed rations, given their reduced price competitiveness against other feed ingredients such as soybean meal. Domestic consumption of soybean meal, however, is expected to increase in MY2016/17. Thus, growing feed demand means that in MY2017/18 domestic consumption (and imports) of full fat soybeans and soybean meal, as a combined category, is expected to increase.

Soybean oil production is expected to increase in MY 2016/17 and MY 2017/18.

Fish meal production in Thailand is forecasted to continue to decline in 2017 and 2018 due to ongoing fishing restrictions. Thailand is expected to import 80,000 MT of fish meal in 2017 and 100,000 MT in 2018 in response to reduced domestic supplies and growth in feed demand particularly for shrimp production.

Due to improved weather conditions in the second half of 2016 and a favorable forecast for 2017, crude palm oil (CPO) production is estimated to recover to 2.0 MMT in 2017 and should further grow to 2.2 MMT in 2018.

Thai palm oil crushing plants are struggling with higher supply costs causing many of them to operate at a loss. In 2016, palm oil crushing plants are operating on average at only 30-35 percent of their production capacity. Fierce competition for fresh supplies have caused prices for palm fresh fruit bunch (FFB) supplies have pushed up prices the past couple years. In addition, irregular weather (drought) and improper fruit handling during harvest and transport has led Thailand’s average oil extraction rates (OER) to be much lower than other large producing countries in the region like Indonesia and Malaysia. The low capacity utilization is expected to continue during 2017 and 2018 despite increased supplies of FFB.

Thai import regulations for oilseeds and vegetable oil remain unchanged. Imports of soybeans, soybean meal, fish meal, soybean oil, and palm oil are affected by tariff-rate quotas and ad hoc import controls.

SITUATION AND OUTLOOK

Soybeans

Soybean production in Thailand should remain below 60,000 metric tons (MT) in crop years (CY) 2016/17 and CY 2017/18 due to low yields and lower profitability compared to competing crops like corn and off-season rice. The government still bans the domestic production of all transgenic or biotech plant varieties, including soybeans.

Total soybean domestic consumption is forecast to drop by 8 percent in MY2016/17 after a surge in the last two marketing years as changes in global prices for soybeans and soybean meal will cause the use of full fat soybeans to be less attractive for feed manufacturing in Thailand. The relatively low global prices for soybeans caused feed mills to heavily replace soybean meal with full fat soybeans in MY2014/15 and MY2015/16. However, soybean domestic consumption should recover by 6 percent in MY2017/18 as the growing livestock and poultry industries translate into increased demand for full fat soybeans.

Soybean imports, after experiencing high growth in MY2014/15 (34 percent) and MY2015/16 (16 percent), are estimated to decline by 7 percent to 2.6 million metric tons (MMT) in MY2016/17 due to lower use of full fat soybeans. Soybean imports are forecast to recover to 2.7 MMT in MY2017/18. Soybeans for crushing, which constitute the largest portion of domestic use, are forecast to increase to 1.9 MMT in MY 2017/18 from 1.85 MMT in MY2016/17. Typically, a few companies in Thailand such as Thai Vegetable Oil (TVO), Thanakorn Vegetable Oil Products, and Porn Amnuay Sub Vegetable Oil dominate the soybean oil crushing industry. According to sources, these three soybean oil crushers are running at 50-55 percent of total capacity of 3.7 MMT per annum. Thailand does not have any restrictions on the import of biotech soybeans for food, feed, or manufacturing purposes.

Since Thai soybean oil processors have come to believe that soybeans from Brazil have relatively higher protein levels than those from the United States. Thus, the U.S. market share of Thailand’s soybean imports fluctuates depending on the availability of supply from Brazil and Argentina and the difference in relative prices. As U.S. soybeans are competitively priced compared to Brazilian and Argentinian soybeans, the U.S. market share of soybean imports is forecast to increase to 31 percent in MY2016/17 from 17 percent in MY 2015/16. In MY2017/18, the U.S. market share is expected to be between 20-25 percent.

Food-grade soybean imports will continue to increase in MY2016/17 and MY2017/18 to total 80,000-90,000 MT as demand from the Thai food industry, especially soy milk producers, expands. Canada and the United States are the only two suppliers for this market segment. The food industry prefers domestic soybeans over imported beans due to their freshness and “biotech-free” status. However, with growing demand and a downward trend in domestic supplies, processors are increasingly relying on imported soybeans to meet their needs. Stock carryovers for soybeans in MY2016/17 and MY2017/18 will remain relatively unchanged and stay set at one or two months of utilization. Thailand has a soybean tariff rate quota (TRQ) of 10,922 MT, with an in-quota tariff of 20 percent and an out-of-quota tariff of 80 percent. In January 2017, the Ministry of Commerce announced the implementation of a new 3 year soybean import policy to last from 2017 to 2019. In principle, the content of this policy remains unchanged from the previous Thai soybean import policy which allowed unlimited imports at a zero percent tariff for WTO member countries. However, under this policy, only 8 trade associations and 16 food processing companies qualify as importers. These importers are required to be members of the associations and purchase domestic soybeans at the predetermined prices of 17.50 baht/kg ($500/MT) for oil-crushing, 17.75 baht/kg ($507/MT) for feed, and 19.75 baht/kg ($564/MT) for human food processing (i.e., soy sauce, tofu, soy milk, etc.).

Oil Meal

An Overview of Feed Demand in Thailand

Post forecasts that Thailand’s feed demand in MY2016/17 will be 6-7 percent higher than MY2015/16 due to the continued growth of chicken and pork exports as well as increased domestic consumption of meat. Feed demand should continue to grow by 3-4 percent in MY2017/18.

The Thai Feed Mill Association (TFMA) also anticipates that Thailand’s total feed demand will grow this year, forecasting 5.3 percent growth in 2017 to 19.6 MMT from 18.6 MMT in 2016.

Soybean Meal

Domestic soybean meal production is forecast to increase 3 percent to 1.45 MMT in MY2016/17 and a further 3 percent to 1.49 MMT in MY2017/18. Nearly all domestic soybean meal production is derived from imported soybeans due to the low domestic soybean production.

Soybean meal supplies, from both domestically produced and imported soybean meal, are currently utilized only for animal feed manufacturing. In the near future, imported soybean meal may be used also to produce soy-based human food products, mainly soy sauce, but this requires the government revise the current soybean meal import regulations.

The heavy substitution of full fat soybean for soybean meal in feed rations among Thai feed mills caused consumption of soybean meal to drop sharply by 11 percent in MY2015/16 to 3.9 MMT from 4.4 MMT in MY2014/16. Domestic consumption of soybean meal is estimated to recover by 11-12 percent in MY2016/17 due to strong livestock and poultry production growth as well as reduced use of full fat soybeans in feed rations. Soybean meal domestic consumption should further increase by 3 percent in MY2017/18 in line with feed demand growth.

In general, feed mills feel that locally produced soybean meal is superior to imported soybean meal in terms of freshness and quality, and as a result, they have historically been willing to pay a 1-2 percent premium for locally produced supplies. However, the market dynamics, especially the ability of small-to-medium sized feed mills to reduce their import costs through pooled purchases of soybean meal transported by Panamax vessels, has led the price differential to be narrower than before. This together with dramatically lower imported soybean costs led prices for domestically produced soybean meal to be lower than prices for imported soybean meal in 2014 and 2015. In 2016, prices for locally produced soybean meal again surpassed prices for imported soybean meal. The average price for locally produced soybean meal in 2016 was 17.75 baht/kg ($507/MT) as compared to 16.63 baht/kg ($475/MT) for imported soybean meal.

Unlike MY2015/16 when demand for soybean meal dropped sharply, imports of soybean meal are expected to recover by 23 percent to 3 MMT in MY2016/17, and then further grow another 3 percent in MY2017/18. Thailand’s major soybean meal suppliers are Brazil, Argentina, India, and the United States. The United States is expected to have a 15-20 percent market share in MY2016/17 and MY2017/18 as imports of U.S. soybeans will face competitive supplies from Brazil and Argentina.

Stock carryover for soybean meal is typically set at about one month of utilization which should remain unchanged in MY 2016/17 and MY 2017/18.

Thailand’s soybean meal imports are subjected to a 230,559 MT

TRQ with a 20 percent in-quota tariff rate and a 119 percent out-of-quota tariff rate. In July 2014, the National Council for Peace and Order (NCPO) adjusted this TRQ and approved unlimited in-quota imports of soybean meal for three years (2015-2017). The NCPO also lowered the tariff rates setting the in-quota tariff at 2 percent. Similar to soybean imports, the Thai Government requires permits for import and only eight trade associations, representing a group of soybean meal importers, are eligible to receive an import permit. The same eight trade associations are required to purchase domestic soybean meal at government-determined prices. In March 2017, the Ministry of Commerce notified eligible soybean importers that they would now be required to purchase locally produced soybean meal at prices not below 14.58 baht/kg ($416/MT) for 2017, an increase of 1.40 baht/kg ($40/MT) from the price floor of 13.18 baht/kg ($377/MT) which was applied in 2015 and 2016.

On January 30, 2017, the Thai National Oilseed and Vegetable Oil Committee decided to permit soy-based food processors to import soybean meal for soy-based food products (such as soybean sauce). Previously, food processors were not permitted to import soybean meal. The annual import quota will align with Thailand’s WTO TRQ of 230,559 MT. Under this new policy, the in-quota imports for food processors are subject to a 10 percent import tariff and a 133 percent out-of-quota tariff. However, they intend to require a non-GMO certificate accompany soybean meal intended for food use. Additionally, the soybean meal imported under these provisions must be accompanied by a non-GMO certificate. Thailand does not have any import restrictions on the import of biotech soybean meal for non-food purposes. The new import provisions will go into effect once they receive Cabinet approval which is likely to occur in the second quarter of 2017.

In April 2016, the Thai Cabinet decided to lift a long-standing export ban on soybean meal. This move is a response to a request by soybean crushers who foresee increased export opportunities in shipping soybean meal to neighboring ASEAN countries that also have growing livestock sectors. On March 10, 2017, the Ministry of Commerce announced the allocation of a 222,150 MT soybean meal export quota to 4 soybean oil crushers in the following amounts: 1) Thai Vegetable Oil Co. 162,467 MT; 2) Thanakorn Vegetable Oil Co. 44,599 MT; 3) PAS Produce Export and Silo Co. 14,025 MT; and 4) Industrial Enterprise Co. 1,059 MT. The Thai Feed Mill Association has voiced its disagreement with this policy as they feel it is not justified unless the Government also eliminates the two-percent tariff for imported soybean meal for feed uses.

Fish Meal

The production of fish meal depends on the fishing of trash fish, Surimi, and canned tuna. Fish meal production in Thailand is forecasted to continue to decline in 2017 and 2018 due to continued restrictions on fishing. Thailand has been under pressure from the European Union and the United States concerns about illegal, unreported, and unregulated (IUU) fishing practices which Thailand fears could potentially disrupt seafood exports. Demand for fish meal is forecast to increase by 3 percent in both 2017 and 2018 due to growth in domestic shrimp production. In contrast to 2015, in 2016, the average domestic price for fish meal dropped 13 percent to 38.90 baht/kg ($1,111/MT) from 44.50 baht/kg ($1,271/MT) in line with lower global prices for fish meal. Thailand exports low-protein fish meal and imports high-protein fish meal. Fish meal exports in 2017 and 2018 are expected to total 130,000 MT. Fish meal exports dropped slightly to 153,894 MT in 2016 from 155,914 MT in 2015. In 2016, China was the largest market for Thai fish meal accounting for 46 percent of total exports followed by Vietnam (16 percent), Japan (13 percent), Taiwan (7 percent), and Bangladesh (7 percent).

Due to the recovery in shrimp production and reduced supplies of domestic high-protein fish meal, imports of fish meal in 2016 more than doubled to 72,394 MT as compared to 31,106 MT in 2015. Fish meal imports are expected to grow 80,000 MT in 2017 and 100,000 MT in 2018 as domestic supplies continue to be low and shrimp production continues to grow.

The Thai Government annually reviews its fish meal import regulations. In 2014, the National Council for Peace and Order (NCPO) decided that there will be no MFN quotas for fishmeal imports from 2015-2017. Fish meal imports under the ASEAN Free Trade Area (AFTA), Thai-Australia Free Trade Area (TAFTA), Thai-New Zealand Free Trade Area (TNZFTA), ASEAN-China FTA, and ASEAN-Australia-New Zealand FTA (AANFTA), and Japan-Thailand Economic Partnership Agreement (JTEPA) are all subject to zero tariffs.

Oil

Soybean Oil

Soybean oil production is expected to increase in MY 2016/17 and MY 2017/18 as the amount of soybeans being crushed grows.

Domestic consumption is forecast to grow 6-7 percent in MY2016/17 as the reduced availability of palm oil in the second half of 2016 and early 2017 prompted increased household/restaurant consumption of soybean oil. Despite increased usage, the average price for soybean oil in 2016 of 48.53 baht/liter (US$ 1.39/liter) remained near the 2015 average price of 49.15 baht/liter (US$ 1.40/liter). Domestic consumption of soybean oil for MY2017/18 is forecast to grow by 2-3 percent to 310,000 MT.

Exports of soybean oil in MY2016/17 are forecast to drop to 40,000 MT from 51,110 MT in MY2015/16 due to limited supplies for export as a result of strong domestic demand. Exports should recover to 50,000 MT in MY2017/18. Thailand is becoming a regular supplier of soybean oil to other ASEAN and Asian economies. The top importers for Thai soybean oil in 2016 were the Philippines (35 percent), China (12 percent), Indonesia (11 percent), Myanmar (10 percent), and Vietnam (9 percent).

Stock carryover for soybean oil is typically set at about one month of utilization which should not change in MY 2016/17 and MY 2017/18.

Imports of soybean oil (crude and refined) are subject to a tariff-rate-quota (TRQ) system under Thailand’s WTO commitments. Additionally, the non-transparent and bureaucratic administration of import permits discourages imports. Currently, the TRQ for soybean oil is limited to 2,281 tons and is subject to a 20 percent in-quota tariff rate, and a prohibitively high 146 percent out-of-quota tariff rate.

Palm Oil

Despite ongoing increases in planted and harvested palm area, palm oil productivity over the past couple years has been hindered by periodic dry conditions from 2014 to the middle of 2016. As a result, total crude palm oil (CPO) production in 2016 dropped by 10 percent to 1.8 MMT from 2.07 MMT in 2015. Due to improved weather conditions in the second half of 2016 and a favorable forecast for 2017, CPO production in 2017 is expected to recover to 2.0 MMT, the same amount as 2015. Better yields and increased harvested area means that CPO production is expected to grow to 2.2 MMT in 2018.

Palm oil consumption is forecast to grow by 5 percent in 2017 and a further 8 percent in 2018 due to the high growth of biodiesel consumption. As a result of the unexpected lower domestic supplies of palm oil, the Thai government reduced the mandatory vegetable oil content required in biodiesel production from B7 to B3 in July 2016. Since November 2016, the mandatory content requirement has been B5. The Thai government is expected to maintain the current B5 mandatory vegetable oil content requirement for biodiesel production until adopting the B7 requirement in 2017 once domestic palm oil supplies increase.

Based on FAS/Bangkok’s survey, many Thai palm oil crushing plants are struggling with high supply costs and are operating at a loss. The number of palm oil crushing plants has more than doubled in the past 10 years from about 60 crushing mills in 2007 to 145 mills today. As a result, palm oil crushing plants across the country compete fiercely for palm fresh fruits bunches (FFB); a situation that was aggravated by reduced palm FFB supplies in 2016. High competition for supply has caused prices for palm FFB in Thailand to be high for the past couple years. In addition, irregular weather (drought) as well as improper fruit handling during harvest and transport have resulted in Thailand’s average oil extraction rates (OER) being much lower than large producing countries in the region like Indonesia and Malaysia. In 2016, Thailand’s palm oil crushing plants ran on average at only 30-35 percent of their production capacity. The low capacity utilization is expected to continue in 2017 and 2018 despite increased supplies of FFB.

Prices for FFB paid to farmers soared by 18 percent to 5.54 baht/kg ($158/MT) in 2016 from 4.95 baht/kg ($141/MT) in 2015. Crude palm oil prices at refinery plants also rose by 17 percent to 31.95 ($913/MT) in 2016 from 27.33 baht/kg ($781/MT) in 2015. High domestic prices have caused Thai CPO to be less competitive than other producing countries and, as a result, Thailand’s palm oil exports have declined dramatically from 221,929 MT in 2014 to 50,658 MY in 2015, and lower still to 39,180 MT in 2016. Palm oil exports in 2017 are anticipated to recover to close to 2016 levels, and then are forecast to increase to about 80,000 MT in 2018 as the domestic supply situation improves.

The Thai Government protects domestic palm oil producers by only allowing the government controlled Public Warehouse Organization (PWO) to bring in imports. Despite tight supplies of domestic palm oil caused by dry weather conditions, the government refrained from allowing increased imports as it did in 2015, but instead opted to lower the mandatory vegetable oil content required in biodiesel production from B7 to B3 in July 2016, before adjusting it to B5 in November 2016. As a result, imports of palm oil in 2016 decreased to 27,736 MT from 77,736 MT in 2015. Nearly all of the imports are refined, bleached, and deodorized (RBD) crude palm oil. Post expects that imports of palm oil will remain low in 2017 and 2018 totaling only 30,000 MT.

Oilseed, Soybean

Oilseed, Palm Kernel

2015/2016

2016/2017

2017/2018

Market Begin

Jan 2015

Jan 2016

Jan 2017

Thailand

USDA

Official

New

Post

USDA

Official

New

Post

USDA

Official

New

Post

Units

Area Planted

0

0

0

0

0

0

(1000 HA)

Area Harvested

735

700

750

720

0

750

(1000 HA)

Trees

0

0

0

0

0

0

(1000 MT)

Beginning Stocks

0

0

0

0

0

0

(1000 MT)

Production

613

681

672

740

0

820

(1000 MT)

MY Imports

3

3

0

2

0

3

(1000 MT)

MY Imp. from US

0

0

0

0

0

0

(1000 MT)

MY Imp. from EU

0

0

0

0

0

0

(1000 MT)

Total Supply

616

684

672

742

0

823

(1000 MT)

MY Exports

9

9

10

10

0

12

(1000 MT)

MY Exp. to EU

0

0

0

0

0

0

(1000 MT)

Crush

607

675

662

732

0

811

(1000 MT)

Food Use Dom.

0

0

0

0

0

0

(1000 MT)

Feed Waste Dom.

0

0

0

0

0

0

(1000 MT)

Total Dom. Cons.

607

675

662

732

0

811

(1000 MT)

Ending Stocks

0

0

0

0

0

0

(1000 MT)

Total Distribution

616

684

672

742

0

823

(1000 MT)

CY Imports

0

3

0

2

0

0

(1000 MT)

CY Export To US

0

0

0

0

0

0

(1000 MT)

CY Exports

10

9

0

10

0

0

(1000 MT)

CY Export From US

0

0

0

0

0

0

(1000 MT)

Yield

0.834

0.9729

0.896

1.0278

0

1.0933

(MT/HA)

Meal, Soybean

Meal, Soybean

2015/2016

2016/2017

2017/2018

Market Begin Year

Thailand

Sep 2015

Sep 2016

Sep 2017

Units

USDA

Official

New

Post

USDA

Official

New

Post

USDA

Official

New

Post

Crush

2400

1800

2350

1850

0

1900

(1000 MT)

Extr. Rate,

0.7854

0.7833

0.7872

0.7838

0

0.7842

(PERCENT)

Beginning Stocks

193

193

61

134

0

234

(1000 MT)

Production

1885

1410

1850

1450

0

1490

(1000 MT)

MY Imports

2433

2431

3000

3000

0

3100

(1000 MT)

MY Imp. from U.S.

250

543

250

430

0

450

(1000 MT)

MY Imp. from EU

0

0

0

0

0

0

(1000 MT)

Total Supply

4511

4034

4911

4584

0

4824

(1000 MT)

MY Exports

0

0

0

0

0

0

(1000 MT)

MY Exp. to EU

0

0

0

0

0

0

(1000 MT)

Industrial Dom.

0

0

0

0

0

0

(1000 MT)

Food Use Dom.

0

0

0

0

0

0

(1000 MT)

Feed Waste Dom.

4450

3900

4800

4350

0

4500

(1000 MT)

Total Dom. Cons.

4450

3900

4800

4350

0

4500

(1000 MT)

Ending Stocks

61

134

111

234

0

324

(1000 MT)

Total Distribution

4511

4034

4911

4584

0

4824

(1000 MT)

CY Imports

3000

2579

3200

2900

0

3000

(1000 MT)

CY Imp. from U.S.

250

504

250

440

0

450

(1000 MT)

CY Exports

0

0

0

0

0

0

(1000 MT)

CY Exp. to U.S.

0

0

0

0

0

0

(1000 MT)

Meal, Fish

Meal, Fish

2015/2016

2016/2017

2017/2018

Units

Market Begin Year

Jan 2016

Jan 2017

Jan 2018

Thailand

USDA

Official

New

Post

USDA

Official

New

Post

USDA

Official

New

Post

Catch For Reduction

1720

1460

1750

1390

0

1350

(1000 MT)

Extr. Rate

0.25

0.2603

0.2457

0.259

0

0.2593

(PERCENT)

Beginning Stocks

11

11

16

9

0

9

(1000 MT)

Production

430

380

430

360

0

350

(1000 MT)

MY Imports

72

72

30

80

0

100

(1000 MT)

MY Imp. from U.S.

0

0

0

0

0

0

(1000 MT)

MY Imp. from EU

0

0

0

0

0

0

(1000 MT)

Total Supply

513

463

476

449

0

459

(1000 MT)

MY Exports

154

154

140

130

0

130

(1000 MT)

MY Exp. to EU

1

0

0

0

0

0

(1000 MT)

Industrial Dom.

0

0

0

0

0

0

(1000 MT)

Food Use Dom.

0

0

0

0

0

0

(1000 MT)

Feed Waste Dom.

343

300

320

310

0

320

(1000 MT)

Total Dom. Cons.

343

300

320

310

0

320

(1000 MT)

Ending Stocks

16

9

16

9

0

9

(1000 MT)

Total Distribution

513

463

476

449

0

459

(1000 MT)

CY Imports

10

72

0

80

0

0

(1000 MT)

CY Imp. from U.S.

0

0

0

0

0

0

(1000 MT)

CY Exports

160

154

0

130

0

0

(1000 MT)

CY Exp. to U.S.

0

0

0

0

0

0

(1000 MT)

Meal, Palm Kernel

Meal, Palm Kernel

2015/2016

2016/2017

2017/2018

Market Begin Year

Jan 2015

Jan 2016

Jan 2017

Thailand

USDA

New

USDA

New

USDA

New

Official

Post

Official

Post

Official

Post

Crush

607

675

662

732

0

811

(1000 MT)

Extr. Rate,

0.4942

0.5259

0.4683

0.5191

0

0.5179

(PERCENT)

Beginning Stocks

0

0

0

9

0

26

(1000 MT)

Production

300

355

310

380

0

420

(1000 MT)

MY Imports

156

156

140

120

0

100

(1000 MT)

MY Imp. from U.S.

0

0

0

0

0

0

(1000 MT)

MY Imp. from EU

0

0

0

0

0

0

(1000 MT)

Total Supply

456

511

450

509

0

546

(1000 MT)

MY Exports

0

2

0

3

0

5

(1000 MT)

MY Exp. to EU

0

0

0

0

0

0

(1000 MT)

Industrial Dom.

0

0

0

0

0

0

(1000 MT)

Food Use Dom.

0

0

0

0

0

0

(1000 MT)

Feed Waste Dom.

456

500

450

480

0

500

(1000 MT)

Total Dom. Cons.

456

500

450

480

0

500

(1000 MT)

Ending Stocks

0

9

0

26

0

41

(1000 MT)

Total Distribution

456

511

450

509

0

546

(1000 MT)

CY Imports

60

0

0

0

0

100

(1000 MT)

CY Imp. from U.S.

0

0

0

0

0

0

(1000 MT)

CY Exports

1

0

0

0

0

5

(1000 MT)

CY Exp. to U.S.

0

0

0

0

0

0

(1000 MT)

Oil, Soybean

Oil, Soybean

2015/2016

2016/2017

2017/2018

Market Begin Year

Sep 2015

Sep 2016

Sep 2017

Thailand

USDA

Official

New

Post

USDA

Official

New

Post

USDA

Official

New

Post

Crush

2400

1800

2350

1850

0

1900

(1000 MT)

Extr. Rate,

0.1813

0.1806

0.1787

0.1811

0

0.1842

(PERCENT)

Beginning Stocks

27

27

77

25

0

26

(1000 MT)

Production

435

325

420

335

0

350

(1000 MT)

MY Imports

4

4

4

4

0

5

(1000 MT)

MY Imp. from U.S.

0

0

0

0

0

0

(1000 MT)

MY Imp. from EU

0

0

0

0

0

0

(1000 MT)

Total Supply

466

356

501

364

0

381

(1000 MT)

MY Exports

51

51

60

40

0

50

(1000 MT)

MY Exp. to EU

0

0

0

0

0

0

(1000 MT)

Industrial Dom.

38

40

38

40

0

42

(1000 MT)

Food Use Dom.

300

240

325

258

0

265

(1000 MT)

Feed Waste Dom.

0

0

0

0

0

0

(1000 MT)

Total Dom. Cons.

338

280

363

298

0

307

(1000 MT)

Ending Stocks

77

25

78

26

0

24

(1000 MT)

Total Distribution

466

356

501

364

0

381

(1000 MT)

CY Imports

3

10

3

4

0

5

(1000 MT)

CY Imp. from U.S.

0

0

0

0

0

0

(1000 MT)

CY Exports

50

40

50

40

0

50

(1000 MT)

CY Exp. to U.S.

0

0

0

0

0

0

(1000 MT)

Oil, Palm

Oil, Palm

2015/2016

2016/2017

2017/2018

Units

Market Begin

Jan 2016

Jan 2017

Jan 2018

Thailand

USDA

Official

New

Post

USDA

Official

New

Post

USDA

Official

New

Post

Area Planted

0

0

0

0

0

0

(1000 HA)

Area Harvested

735

700

750

720

0

750

(1000 HA)

Trees

0

0

0

0

0

0

(1000 TREES)

Beginning Stocks

205

205

240

148

0

193

(1000 MT)

Production

2100

1804

2300

2000

0

2200

(1000 MT)

MY Imports

28

28

25

30

0

30

(1000 MT)

MY Imp. from US

0

0

0

0

0

0

(1000 MT)

MY Imp. from EU

0

0

0

0

0

0

(1000 MT)

Total Supply

2333

2037

2565

2178

0

2423

(1000 MT)

MY Exports

39

39

60

40

0

80

(1000 MT)

MY Exp. to EU

0

0

0

0

0

0

(1000 MT)

Industrial Dom.

1430

1250

1520

1330

0

1450

(1000 MT)

Food Use Dom.

530

530

570

540

0

570

(1000 MT)

Feed Waste Dom.

94

70

95

75

0

90

(1000 MT)

Total Dom. Cons.

2054

1850

2185

1945

0

2110

(1000 MT)

Ending Stocks

240

148

320

193

0

233

(1000 MT)

Total Distribution

2333

2037

2565

2178

0

2423

(1000 MT)

CY Imports

20

28

20

30

0

30

(1000 MT)

CY Imp. from U.S.

0

0

0

0

0

0

(1000 MT)

CY Exports

50

39

50

40

0

80

(1000 MT)

CY Exp. to U.S.

0

0

0

0

0

0

(1000 MT)

Yield

2.8571

2.5771

3.0667

2.7778

0

2.9333

(MT/HA)

Oil, Palm Kernel

Oil, Palm Kernel

2015/2016

2016/2017

2017/2018

Units

Market Begin Year

Jan 2015

Jan 2016

Jan 2017

Thailand

USDA

Official

New

Post

USDA

Official

New

Post

USDA

Official

New

Post

Crush

607

675

662

732

0

811

(1000 MT)

Extr. Rate,

0.453

0.4593

0.4532

0.4577

0

0.4562

(PERCENT)

Beginning Stocks

63

63

41

33

0

38

(1000 MT)

Production

275

310

300

335

0

370

(1000 MT)

MY Imports

33

33

20

30

0

40

(1000 MT)

MY Imp. from U.S.

0

0

0

0

0

0

(1000 MT)

MY Imp. from EU

0

0

0

0

0

0

(1000 MT)

Total Supply

371

406

361

398

0

448

(1000 MT)

MY Exports

3.00

73

3.00

2.00

0

70

(1000 MT)

MY Exp. to EU

0

0

0

0

0

0

(1000 MT)

Industrial Dom.

203

200

210

210

0

215

(1000 MT)

Food Use Dom.

55

80

55

85

0

90

(1000 MT)

Feed Waste Dom.

0

20

0

25

0

25

(1000 MT)

Total Dom. Cons.

258

300

265

320

0

330

(1000 MT)

Ending Stocks

41

33

26

38

0

48

(1000 MT)

Total Distribution

371

406

361

398

0

448

(1000 MT)

CY Imports

40

33

35

0

0

0

(1000 MT)

CY Imp. from U.S.

0

0

0

0

0

0

(1000 MT)

CY Exports

80

73

70

0

0

0

(1000 MT)

CY Exp. to U.S.

0

0

0

0

0

0

(1000 MT)