Oilseed strong in USA and UK, weaker in Europe – HGCA

CBOT and UK delivered markets saw solid price gains last week, while MATIF rapeseed was weaker.

Weather concern in the USA amid tight old-crop supplies pushed soyabean futures more than $5/t higher.

This is a similar situation in the UK, where crop development remains a concern and end-season stocks fall.

This has caused old-crop prices to rise 1.50 and new-crop rapeseed by 1.

MATIF rapeseed ended the week 1-1.25/t down, due to a weaker US Dollar against the Euro.

UK oil trade figures released

FOR the 2000/01 season, by February end, the UK had imported 624,791 tonnes of soyabeans, 671,202t of soyameal, 252,385t of rapeseed and 274,407t of palm oil. Meanwhile rapeseed exports were at 132,374t.

International: Soya gains in Chicago

THE CBOT soya complex closed the week higher, although price gains were limited by small losses on Friday (18 May).

Soyabeans closed up over $5/t and soyameal over $8/t.

Soya oil also strengthened despite the current lack of market direction following no news about the possible re-tender by Pakistan for US oil.

Weather across the US Midwest remains the main market-influencing factor with the possibility of rain currently lending new crop price support.

In addition, tight supply and strong demand in particular for US soyameal is supporting bean and meal cash prices.

Brazil soya harvest complete

THE Brazilian harvest is now complete with some estimates placing production at 37.1m tonnes.

In Argentina, around 70% of soyabeans are harvested with crop estimates reaching 25.4m tonnes.

Hence, South America could produce some 67m tonnes of soyabeans this season.

Palm oil down

PALM oil prices fell between $4 and $7 last week on increased output in April, and the possibility of a further rise in May.

There was, however, some price support, with news that India has imported more palm oil so far this season.