Soy oil shortage looms
U.S. farmers are going to have to plant more soybeans designed to produce low-trans-fat cooking oils to prevent food companies from importing more palm oil to keep pace with demand for more healthful oils, Reuters reported.
Although seed companies expect U.S. plantings of low-linolenic soybeans to double or triple in 2007, palm oil imports are also increasing as food companies try to eliminate trans fats from their products, according to Steve Censky, CEO of the American Soybean Association. In 2006, U.S. palm oil imports increased nearly 50 percent over the previous year, U.S. Department of Agriculture statistics show. Most palm oil is produced in Malaysia and Indonesia.
Kurt Wickstrom, Monsanto Co.’s U.S. soybean trait marketing manager, says the United States could miss a major agriculture opportunity if farmers do not get more aggressive in planting low-linolenic soybeans, which produce an oil lower in trans fats than standard soybeans.
“Palm oil right now is one alternative we’re hearing the most about – food companies switching to palm. And that’s not good for anyone in U.S. agriculture,” Wickstrom said.