Oilseeds - Oils

Oilseeds daily: China steps up imports

July 17, 2020 9:58 AM, Der AUDITOR
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CHICAGO/HAMBURG. While China is stepping up on soybean imports, concerns are being voiced in Europe over the quality of the rapeseed crop.

Brazil steps up soybean exports
Prices have continued to recover in the US prompted by high export sales. According to the USDA, 522,000 metric tonnes were sold to China and 351,000 metric tonnes to other export destinations. China has stepped up soybean imports in June to 11.2 million metric tonnes, which is 1.8 million metric tonnes more than in May.  ANEC, Brazil’s national Grain Exporters’ Association has revised the soybean export estimates for July upwards to 8.92 million metric tonnes. Soymeal exports should range at 1.86 million metric tonnes. Analysts reckon that Brazil's supplies have depleted to 18.6 million metric tonnes, meaning that shipments from Paraguay will be required to fill the gap until the arrival of the new crop. Soymeal prices are up in Hamburg.

Soy futures (front month)

Soybeans (USD/bu)

897.00

0.7%

Soymeal (USD/bu)

287.80

0.3%

Soy oil (USD/bu)

29.46

2.1%

CBOT

 

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

FOB.

7/20

9/20

9/20

10/20

Rotterdam, NL

286.00

286.00

288.00

289.00

Hamburg, DE

284.00

284.00

285.00

285.00

Mainz, DE

293.00

293.00

296.00

296.00

Straubing, DE

313.00

313.00

317.00

317.00

Trade sources


Buyers are waiting for lower rapeseed prices
Rapeseed continues to trade high in Germany. Early threshing has shown low yields in France, whereas indications as to the oil content have not been issued yet. Producers are waiting for better weather in Germany to start harvesting. Problem is that the dry hulls are especially prone to heavy showers and hailstorms. The DRV, Germany’s umbrella organisation for agriculture and food, estimates production at 3.21 million metric tonnes, which is a 13% rise over last year. Acreage ranges 50,000 hectares over last year at 950,000 hectares. Buyers reckon that prices will decline with the arrival of the new crop in September. Rain has, meanwhile, delayed harvesting in Ukraine. While the USDA estimates Ukrainian production at 4 million metric tonnes, traders are rather reckoning with 3.5-3.6 million metric tonnes.

Futures (front month)

Canola (CAD/mt)

480.60

0.5%

Rapeseed (EUR/mt)

382.50

-0.8%

Palmoil (ringgit/mt)

2,520

-0.4%

Trade sources

 

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

Place

EUR/mt

Diff.

Rouen FOB

375.00

-1.00

Moselle FOB

383.00

-2.00

Hamburg CIF

383.00

2.00

Neuss DDP

392.00

4.00

Hamm DDP

394.00

4.00

Mannheim DDP

391.00

5.00

Trade sources

 



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