Chicago soya down – HGCA

CHICAGO soya futures markets were lower last week with the March soyabean contract trading at its lowest level since 1972.

Harvest pressure, foot-and-mouth disease in the EU and US soyabean plantings weighed on the markets.

In Europe, however, the US Dollar appreciation against the Euro to a three-month high meant that MATIF rapeseed futures rose by Euro3-4.25.

UK delivered values, however, were unchanged to 1/t lower, generally following the weaker world oilseed markets.

Bigger rapeseed area in UK

THE UK winter rapeseed area on non set-aside land has been estimated at 0.35m hectares, some 11.4% up on 1999, according to the MAFF December survey.

Of this, 0.31m ha have been planted in England, while the winter linseed area is estimated at a low of 4,000 ha (-54.7%).

According to the Intervention Board, some 29,028 ha of winter rapeseed have been sown on set-aside land for industrial purposes in England.

International: CBOT futures on the slide

ALL soya futures fell last week with contract lows set during the week for soyabeans and soyameal.

Fund selling activity in response to pressure from the advancing South American soyabean crop, and concern over soyameal consumption due to Europes foot-and-mouth disease, were cited as the main reasons behind the price falls.

Soya oil price losses were restricted by a fall in monthly US stocks and sharp price gains on the Malaysian palm oil futures exchange.

Record US soyabean plantings

Sparks, a private US analysts, expected US farmers to increase soyabean plantings to a record 76,465m acres, up 2m acres on 2000.

Brazils soyabean crop estimated higher

Private analysts increased the estimate for this years soyabean crop to 35.8m tonnes. This was due to a revised area and favourable crop weather.

Malaysia to use crude palm oil as a fuel?

In an attempt to curtail rising palm oil stocks, and hence improve prices, the Malaysian government has asked the largest power firm to burn 0.4m tonnes of palm oil this year.

In addition, some 0.2m ha will be replanted in an effort to reduce palm oil supply by 0.6m tonnes this year.


Taken from HGCA weekly MI Oilseeds
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