FUND selling activity pushed Chicago soyabean prices lower last week, as potential record South American soya crops, and record US soya plantings offset the positively considered monthly US crop report.
Some price support was provided by the ending of the US/China spy plane conflict, while wet weather conditions in the US Midwest added price pressure towards the end of the week.
The delay in plantings may encourage farmers to plant more soya at the expense of maize.
UK old-crop prices firm
LIMITED old crop supplies continue to support UK cash prices, with delivered rapeseed gaining 75p.
New crop prices remained unchanged from last week, as the current wet weather contributes to the uncertainty over the condition of the crop.
GM contamination in conventional UK trials
GM material has been found in two trial rapeseed crops in the UK according to the Ministry. The trial crops are to be destroyed.
International: USDA April crop report
THE US 2000/01 soyabean exports were revised higher to 26.94m tonnes (26.54m previously), reflecting increased US soyabean exports to China this season, and closing stocks lower.
However, the adjustment was smaller than expected, following a higher Argentine soyabean crop estimate at 26m tonnes and increased exports.
The 1m-tonne South American crop increase raised global oilseed production to 306.8m tonnes, easily offsetting a further decrease in global sunflower seed output.
World vegetable oil production was put 0.2m tonnes higher, as palm and palm kernel output is estimated higher than the decline in sunflower seed oil.
China imports Canadian canola
TRADE reports indicate that China has imported 1.8m tonnes of canola from Canada this season (including end-May), compared with 1.16m tonnes last year for the corresponding period.
A weak Canadian dollar and tight oilseed supply encouraged purchases.
Taken from HGCA weekly MI Oilseeds