MARKET DEVELOPMENT
World Oilseed News 06.17.2014
World Oilseed News 06.17.2014
18/06/2014 (UkrAgroConsult) - US. Soybean Planting Exceeds Five Year Average. Despite scattered rainfall last week in Illinois, soybean planting continued ahead of last year's schedule and the five year average. According to data released Monday by the Illinois Department of Agriculture, soybean planting reached 94 percent, ahead of last year's 92 percent and ahead of the five year average of 89 percent. 89 percent of the soybeans have emerged compared to a five year average of 75 percent. 72 percent of the beans were considered good to excellent. Meantime, 76 percent of corn is rated good to excellent.
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Argentina has sold approximately US$ 10.1 billion of grains, so far this year, according to data from the Center of Cereal Exporters of the country. But, the country’s farmers are still sitting on nearly twice that amount, with no intentions of selling anytime soon. In stocks, there is an approximate value of US$ 19 billion of soybeans and the sales of that amount are not seen on the horizon.
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Palm oil inventories in Indonesia probably advanced to an eight-month high in May, while shipments from the world’s largest producer were the second lowest since September 2012. Futures declined. Stockpiles expanded 10 percent from April to 2.2 million metric tons, the highest since September, according to the median of estimates from six planters, industry officials and analysts compiled by Bloomberg. Production fell 2 percent to 2.3 million tons, the survey shows. Exports were 1.48 million tons after 1.38 million tons in April, it shows.
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Malaysia, the world's second-largest palm grower, has lowered its crude palm oil export tax for July to 5 percent, a government circular showed on Monday, the first cut after three months.
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U.S. Soybean Imports Seen Slowing. Though tight U.S. old-crop stocks still have the attention of the market, favorable new-crop growing weather and the U.S. soybean export infrastructure are expected to slow imports this summer. An unusual move from China surprised the market in March, when that country’s importers cancelled 600,000 tons of Brazilian soybean shipments. As a result, an executive of a major company started to sell soybeans planted in Brazil to some US-based players. And at the same time, the Chinese demand for soybeans shrank from 30% to 20%, because of epidemic bird flu cases in the country.
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India's palm oil imports rose 22 percent to 654,255 tonnes in May from a month ago, data from the Solvent Extractors' Association of India showed, as buyers stocked up ahead of the Muslim holy month of Ramadan when demand typically peaks. The country's total vegetable oil imports rose 24 percent from a month ago to 1.03 million tonnes in May, data from the Solvent Extractors' Association of India (SEA) showed on Monday. Imports of soyoil rose 54 percent to 174,209 tonnes, while sunflower oil imports rose to 5 percent to 178,753 tonnes.
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Argentina has sold approximately US$ 10.1 billion of grains, so far this year, according to data from the Center of Cereal Exporters of the country. But, the country’s farmers are still sitting on nearly twice that amount, with no intentions of selling anytime soon. In stocks, there is an approximate value of US$ 19 billion of soybeans and the sales of that amount are not seen on the horizon.
***
Palm oil inventories in Indonesia probably advanced to an eight-month high in May, while shipments from the world’s largest producer were the second lowest since September 2012. Futures declined. Stockpiles expanded 10 percent from April to 2.2 million metric tons, the highest since September, according to the median of estimates from six planters, industry officials and analysts compiled by Bloomberg. Production fell 2 percent to 2.3 million tons, the survey shows. Exports were 1.48 million tons after 1.38 million tons in April, it shows.
***
Malaysia, the world's second-largest palm grower, has lowered its crude palm oil export tax for July to 5 percent, a government circular showed on Monday, the first cut after three months.
***
U.S. Soybean Imports Seen Slowing. Though tight U.S. old-crop stocks still have the attention of the market, favorable new-crop growing weather and the U.S. soybean export infrastructure are expected to slow imports this summer. An unusual move from China surprised the market in March, when that country’s importers cancelled 600,000 tons of Brazilian soybean shipments. As a result, an executive of a major company started to sell soybeans planted in Brazil to some US-based players. And at the same time, the Chinese demand for soybeans shrank from 30% to 20%, because of epidemic bird flu cases in the country.
***
India's palm oil imports rose 22 percent to 654,255 tonnes in May from a month ago, data from the Solvent Extractors' Association of India showed, as buyers stocked up ahead of the Muslim holy month of Ramadan when demand typically peaks. The country's total vegetable oil imports rose 24 percent from a month ago to 1.03 million tonnes in May, data from the Solvent Extractors' Association of India (SEA) showed on Monday. Imports of soyoil rose 54 percent to 174,209 tonnes, while sunflower oil imports rose to 5 percent to 178,753 tonnes.