Oilseeds daily: surprising twist in prices
July 15, 2020 at 11:25 AM ,
Der AUDITOR
Soymeal continues to trade low in Europe
Most recently there is a mash up in the media over who is to blame for the UK's decision to exclude Huawei from Britain's 5G network by the end of 2027. While Tory ministers desperately try to insist that the UK takes full responsibility for its own decisions, China derides the UK as not stadning up to the US. Donald Trump, in addition, states that he persuaded Boris Johnson to bar China's telecom tech giant from accessing the UK network. At 11.2 million metric tonnes China's soybean imports June are, nevertheless, 1.8 million metric tonnes up on May, which has given US soybean futures a small lift. Rumour has it that sales are up in Argentina. Soymeal is trading EUR 4-8 per metric tonne lower in Germany and in the Netherlands.
|
Soy futures (front month) |
||
|
Soybeans (USD/bu) |
883.50 |
0.6% |
|
Soymeal (USD/bu) |
285.80 |
0.0% |
|
Soy oil (USD/bu) |
28.46 |
1.4% |
|
CBOT |
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|
Source: Trade |
|
Soymeal LP (44/7) EUR/t, physical market |
||||
|
FOB. |
7/20 |
9/20 |
9/20 |
10/20 |
|
Rotterdam, NL |
285.00 |
284.00 |
287.00 |
288.00 |
|
Hamburg, DE |
282.00 |
282.00 |
283.00 |
283.00 |
|
Mainz, DE |
291.00 |
291.00 |
295.00 |
295.00 |
|
Straubing, DE |
313.00 |
313.00 |
317.00 |
317.00 |
|
Trade sources |
||||
Rapeseed remains surprisingly firm
Canola and rapeseed received some support from palm oil, which is trading 3% higher at ringgit 2,595 per metric tonne. At 8,902 metric tonnes EU imports have drastically declined by 86% in the kick off to 2020/2021. As recently issued EU Commision date shows Moldova holds a market share of 62% of EU rapeseed imports in the first two weeks of July, followed by Serbia with 29% and Canada with 5.3%. Ukraine only accounts for 0.7% of EU imports. Buyers are currently waiting for cheaper contracts in September, when arrivals from Ukraine and Canada should add pressure to the market. Although havesting is underway, the prices for the new crop have remained stable for shipments in July-August.
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Futures |
||
|
Canola (CAD/mt) |
479,20 |
0.4% |
|
Rapeseed (EUR/mt) |
381.75 |
0.0% |
|
Palmoil (ringgit/mt) |
2,502 |
3.0% |
|
Trade sources |
||
|
Rapeseed 00 (40/9/2), spot market, new crop |
||
|
Place |
EUR/mt |
Diff. |
|
Rouen FOB |
374.00 |
-3.00 |
|
Moselle FOB |
383.00 |
-3.00 |
|
Hamburg CIF |
381.00 |
-3.00 |
|
Neuss DDP |
388.00 |
0.00 |
|
Hamm DDP |
392.00 |
0.00 |
|
Mannheim DDP |
386.00 |
0.00 |
|
Trade sources |
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