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Oilseeds daily: Europe to import record rapeseed volumes

July 9, 2020 8:39 PM, Der AUDITOR
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CHICAGO/HAMBURG. Uncertainty over China is growing in the US soybean market. Lithuania has notably stepped up rapeseed production and Europe is gearing up for record rapeseed imports.

US steps uo soybean exports

US soy contibues to trade higher, mainly prompted by a weekly export volume of 1.33 million metric tonnes, of which 653,400 mt were shipped to China. The US is expected to profit from Brazil's exhausted supplies as the country has already exported 62 million metric tonnes of soybeans. Uncertainty is, howverm growing over China. While the USDA initially reckoned that China would buy 65 million metric tonnes in June, China'S USDA representative has recently revised this figure down to 61 million metric tonnes.

Soy futures (front month)

Soybeans (USD/bu)

894.75

0.3%

Soymeal (USD/bu)

291.70

-0.5%

Soy oil (USD/bu)

28.46

-1.1%

CBOT

 

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

FOB.

7/20

9/20

9/20

10/20

Rotterdam, NL

293.00

292.00

294.00

296.00

Hamburg, DE

290.00

290.00

291.00

292.00

Mainz, DE

299.00

299.00

302.00

320.00

Straubing, DE

317.00

317.00

320.00

320.00

Trade sources


EU to import record rapeseed volumes
Western Europe has witnessed a drastic rise in rapeseed prices. Agreste estimates production in France at 3.37 million metric tonnes, a 3.7% decline on last year. Tallage has revised EU import estimates up to a record 6.2 million metric tonnes, whereas the European Commission is reckoning with imports of 6.0 million metric tonnes. Supplies in Western Europe, however, range on a similar level as last year. Production is down in France, but up in Germany. Lithuania has stepped up production by 22% to 837,000 metric tonnes. Production is to range 15% higher in Ukraine at 3.9 million metric tonnes. The drought like conditions have by no means impacted production and exports should range 13% higher at 3.4 million metric tonnes. As production is to range as much as 39% higher in Australia canola exports should also range 20% higher than last year at 2.2 million metric tonnes.Export from Canada are expected to range on a similar level as last year at 9 million metric tonnes. 

Futures

Canola (CAD/mt)

462,60

-0.4%

Rapeseed (EUR/mt)

385.00

-0.2%

Palmoil (ringgit/mt)

2,403

-0.2%

Trade sources

 

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

Place

EUR/mt

Diff.

Rouen FOB

376.00

3.00

Moselle FOB

385.00

3.00

Hamburg CIF

384.00

3.00

Neuss DDP

391.00

2.00

Hamm DDP

395.00

6.00

Mannheim DDP

389.00

0.00

Trade sources


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