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Oilseeds daily: China invests in Argentina

August 3, 2020 10:54 AM, Der AUDITOR
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CHICAGO/HAMBURG. Argentina is about to conclude an agreement with China to promote the creation of pig farms, slaughterhouses and infrastructure meaning that Chinese investors will most certainly have their foot in the door in the South American state.

Agreement with China to boost soybean market in Argentina

Oil has driven up US soybean futures. On Friday, the USDA reported that 220,000 metric tonnes of soybean meal were shipped to the Philippines. Trading volumes are also estimated 8.3 million bushels higher than last year at 117.8 million bushel in the NOPA Crush Report for July, which supported the price trend in Chicago. In Argentina, the government is about to conclude an agreement with China on the supply of live pigs and frozen pork, which should pave the way for Asian investors in the country. Due to big problems with the African swine fever, China supports the construction of pig farms, slaughterhouses and the infrastructure required for meat production in interested countries around the world. Soymeal is meanwhile trading largely stable in the physical market in Europe.

Soy futures (front month)

Soybeans (USD/bu)

903.00

0.8%

Soymeal (USD/bu)

288.60

-1.2%

Soy oil (USD/bu)

31.35

3.2%

CBOT

Soymeal LP (44/7) EUR/t, physical market

FOB.

8/20

9/20

10/20

11/20

Rotterdam, NL

289.00

289.00

291.00

291.00

Hamburg, DE

288.00

288.00

290.00

290.00

Mainz, DE

296.00

296.00

298.00

298.00

Straubing, DE

313.00

313.00

317.00

317.00

Trade sources

Canada steps up canola exports to Europe

Rapeseed and canola are mainly trading stable in the international markets. Due to the Terry Fox Day the markets remain closed in Canada on Monday. Accroding to the Canadian Grain Commission exports to Western Europe raange four times higher than last year at 1.993 million metric tonnes this season so far.  Shipments to the United Arab Emirates have also doubled and shipments to Japan have flatlined at 2.017 million metric tonnes to Japan. Palm oil has risen sharply in Kuala Lumpur after a long weekend.

Futures (front month)

Canola (CAD/mt)

489.00

-0.1%

Rapeseed (EUR/mt)

381.75

0.1%

Palmoil (ringgit/mt)

2,725

1.1%

Trade sources

 

Rapeseed 00 (40/9/2), spot market, new crop

Place

EUR/mt

Diff.

Rouen FOB

378.00

0.00

Moselle FOB

380.00

0.00

Hamburg CIF

374.00

0.00

Neuss DDP

383.00

0.00

Hamm DDP

384.00

0.00

Mannheim DDP

381.00

0.00

Trade sources

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