HGCA reports oilseeds markets bearish

CHICAGO soya markets saw another week of falling prices, following bearish US soya data, a well-developing South African soyabean crop and a festive break in most of Asia.

EU markets, however, improved from their lows, aided by a stronger US Dollar against the Euro and the Pound.

MATIF rapeseed rose by up to 4, UK values 2-3. While some price support can be expected from small EU rapeseed supplies, price pressure from imported Australian canola and a large South African soyabean crop will continue.

Meal markets subdued

MEAL prices continued their downward trend, with soyameal losing between $5-9, while UK rapemeal fell a further 3.

UK prices remain, however, above levels seen prior to the MBM ban hike, but have lost signficantly in value in recent weeks.

Buying activity is subdued, as compound feeders have purchased sufficient quantities for the coming months.

In addition, ideas of increased meal usage give way to concern about a decline in feed demand, due to the EU “culling” programme.

International: US soya data bearish

THE US December crush report revealed higher soya oil and higher soyameal stocks than anticipated, suggesting that less soya products have been consumed domestically.

Resulting fund selling activity pushed some soya oil and some soyameal contracts to new price lows last week.

Indonesian palm oil tax cut, not cancelled

THE Indonesian government has said that it will cut its export tax on palm oil, rather than cancelling it. Current tax on crude palm oil (CPO) is 5%, and that on refined, bleached and deodorised palm oil (RBD) 2%.

Russia to increase oilseed export tariff

IN an attempt to secure supplies for domestic crushers, export tariffs on oilseeds are set to double to 20% of the customs value mid-March, setting a minimum rate of 30 for sunseeds and 35 for rapeseed and soyabeans.

Brazils soya products to fall further?

SINCE 1995, soyameal exports from Brazil have fallen, owing to a 12% production tax on processed soya. This looks likely to continue as main companies are cutting operations in Brazil due to poor margins.

Over the same period, soyabean exports have risen from 3.49m to 11.3m tonnes.