Soya futures in sharp rise – HGCA

MARKETS remained optimistic last week as Chicago soya oil futures rose sharply, amid presumed lower stocks and higher exports.

Soyabean futures were $3-$4.50/t higher, while soya meal continued to slide.

Despite this, MATIF rapeseed futures fell by 1-1.50, as a stronger Euro versus the US Dollar offset the firmer Chicago values.

On the UK markets, delivered prices improved by 1.50-2.50/t, reaching the highest values since January.

France expects to plant more soya

BETWEEN 110,000ha and 130,000ha of soya beans are expected to be planted in France this year, compared with 80,000ha last spring, following a premium for identity-preserved beans.

More soya trials for UK

IN 2000, United Oilseeds set up 16 soyabean trial sites covering 120ha in the UK. With the results inconclusive due to the poor weather conditions, more trials are expected this year.

International: Oil prices keep rising

THE previous weeks highest gains were seen for palm oil, while last week, Chicago soya oil prices have taken the lead, rising by $14/t over the week.

The US Census report indicated lower soya oil stocks than expected, and exports have also been better than anticipated.

News that soya oil has been exempt from the latest Indian import duty rise on vegetable oil due to a WTO binding was also supportive to the market.

Considering the higher tariffs for other oils, limited domestic production and rising demand for vegetable oil, Indias soya oil imports could rise.

India hikes oil duty again

INDIA has raised import duties for all oils, except soya oil, which remains at 45%.

The duty for importing crude edible oils will be 75% (up from 35-55%), while refined palm oil will rise to 85% (up from 65%).

In contrast, import tariffs for oilseeds have been reduced from 44% to 40.4%. The new import duty situation could increase imports of oilseeds, while the inflow of crude palm oil could fall.

With Malaysia as the main source of palm oil, Malaysian producers who are already suffering from high stocks, could see their profits fall further.