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High global commodity prices are expected to slow the growth of 2021/22 Indonesian wheat imports and lower the use of wheat in feed formulation.

Indonesia palm oil production is expected to reach 46 million metric tons (MMT) in 2022/23 on favorable weather and higher producer profit margins. Palm oil exports for 2021/22 are revised down from the previous update due to the Government of Indonesia’s domestic market obligation (DMO) requirement, which increased to 30 percent from 20 percent.

After two straight years of reaching record levels, New Zealand beef production and exports are expected to fall slightly in 2022. This decline is a result of expected reduced steer and heifer slaughter, as calf retentions in 2019 boosted last year’s slaughter number. As the size of New Zealand’s cattle herd is relatively steady, slaughter numbers are expected to return to more typical levels this year.