Oilseed futures down worldwide – HGCA

GLOBAL oilseeds futures fell last week, with record contract lows set in Chicago bean and meal markets.

In Europe, UK delivered and MATIF futures both held up well, as the US Dollar continues to appreciate against the Euro.

The current exchange rate situation has meant some EU exports, but also some Australian canola imports.

Heavy rains in Northern Europe are causing concern among EU rapeseed growers, as they are unable to apply fertilisers.

EC against plant protein support

A EUROPEAN Commission report released last week stated that the implementation of further support measures for protein crops would be a real burden to an already stretched budget, and would also violate the WTO agreements.

Imports of suitable substitutes, (soyameal), should prove cheaper given the fact that there is an abundant supply.

It is thought that the EU will need to import an extra 1-1.5m tonnes of soyameal to cover the shortage of proteins in animal feed following the MBM ban.

International: CBOT futures slide again

THE recent bearish market sentiment continued last week in Chicago, with contract lows set in soyabean and soyameal futures, although a rally on Friday (23 March) limited
price losses.

The recently strong vegetable oil prices saw a reverse with soya oil and palm oil losing around $10/t.

Market corrections in the oil markets, and the development of new foot-and-mouth cases in Continental Europe is weighing on the market, as is South American harvest pressure.

ADM is reported to be suspending crushing activity in one of its plants in Canada following weakening crush margins.

Palm oil prices down

THE delay in using palm oil for industrial purposes in Malaysia pushed prices lower last week, offsetting reports about lower palm oil production in March (-5%), lower stocks and higher exports.

Record Argentine soyabean crop

ARGENTINA may harvest a record of 25m tonnes of soyabeans this year (23.8m last year) from an area of 10.34m ha (+17.6%) according to the Ministry.

Russia to double oilseed tariff

IN an attempt to contain limited supplies, Russia announced the doubling of its oilseed export tariff to 20% from next month.