LAST week saw CBOT soyabean and soyameal markets firmer. In the USA, tight nearby supplies and reports that plantings are likely to be behind last season supported the market.
This and a firmer US Dollar versus the Euro firmed EU markets, with MATIF rapeseed up to 3.50 and UK old-crop 25-50p firmer last week.
Market sources reported that old-crop trade is nearly finished, with uncertainty over the new crop throughout the EU leading to caution about forward selling.
UK spring plantings
DRILLING of spring oilseed rape in certain regions is very much behind the normal seasonal schedule.
Growers are now trying to sow spring break crops, simply because it is too late for spring cereals, although soil conditions have improved.
TRACTORS running on cold-pressed rape oil could be in use this month, as about 80 applications have been granted to convert tractors. The project will pay farmers half of the conversion costs.
International: Soyabeans volatile in Chicago
LAST week saw a change in the CBOT soyabean carry, with the May 2001 contract trading at an inverse to the July contract.
Instead of a usual monthly carry, May 2001 traded at a 14¢ inverse. This was due to a lack of selling activity causing crushers to raise their bids.
By the end of the week, soyabeans were up nearly $6 for old-crop. CBOT soyameal futures saw solid price gains throughout the week following large domestic and export demand.
Soya oil, however, remains the weakest of the soya complex, ending the week lower as Pakistan cancelled its tender.
South American soyabean update
BRAZIL has harvested well over 90% of its crop, while Argentina is progressing at about 50%.
Palm oil barter trade
MALAYSIA intends to give China and India palm oil in exchange for railway equipment.
Reports indicate the swap of initially 0.2m tonnes of Malaysian palm oil with 20 Chinese locomotives. It further points to agreements of building new railway lines.
Malaysia is seeking alternative ways of using its abundant supplies of palm oil.
The usage of palm oil as industrial fuel has proved to be more difficult, since 80% of Malaysian power-plants work with gas.
Taken from HGCA weekly MI Oilseeds