News World news: The USDA lowered its soybean crop forecast, but raised its forecast for canola production. In the January report, USDA experts almost did not change the forecast of world production of soybeans, as the decrease in the harvest in Brazil was compensated by its increase in Argentina, the United States, China, the Russian Federation, Bolivia and Paraguay. In comparison with the December estimates, the January soybean balance for 2023/24 MR has undergone the following changes: The estimate of initial reserves remained at the level of 101.87 (98.03) million tons. The forecast of world production was increased by 0.1 to 398.98 (375.4) million tons, in particular for Argentina by 2 to 50 (25) million tons (while the Rosario Exchange increased its forecast to 52 million tons against the background of favorable weather), USA – by 0.95 to 113.3 (116.32) million tons thanks to the increase in productivity, Paraguay – by 0.3 to 10.3 million tons, China – by 0.3 to 20.8 (20.28) million t, the Russian Federation – by 0.4 to 6.8 million tons, while for Brazil the estimate was reduced by 4 to 157 (160) million tons due to dry and hot weather in the central states. At the same time, analysts estimate the harvest in Brazil at 156.3 million tons, and the local agency CONAB reduced its forecast by 5 to 155.3 million tons. The global export forecast was increased by 0.65 to 170.94 (171.56) million tons, in particular for Paraguay and the Russian Federation, but the estimate for Brazil was not changed, despite the reduction in production. The forecast of world imports was increased by 0.7 to 168.35 (164.84) million tons, but the estimate for China was left at the level of 102 (100.85) million tons. The estimate of global ending stocks was increased by 0.3 to 114.6 (101.87; 99.7 and 100.3) million tons, while analysts estimated them at 111.58 million tons. For the United States, the estimate was increased by 1 million tons, Argentina – by 1.4 million tons, and for Brazil it was reduced by 1.8 million tons. According to the report, March soybean futures on the Chicago Stock Exchange fell by 1% to $453.5/t (-7.1% compared to the data after the December report). USDA experts increased the forecast of world rapeseed production in 2023/24 MR by 0.1 to 87.1 (88.82) million tons, but left the export estimate unchanged. The forecast of world production of sunflower in 2023/24 MR was reduced by 1.26 to 55.54 (52.38) million tons, in particular for Argentina – by 0.2 to 4.3 million tons, the EU – by 0.45 to 10, 2 million tons, the Russian Federation – by 0.4 to 17.1 million tons (although Rosstat estimates the harvest at 16.7 million tons), while for Ukraine the estimate was left at the level of 14.5 million tons. In addition, the forecast for sunflower imports was lowered to Turkey by 100,000 tons, and exports from Argentina by 50,000 to 150,000 and the Russian Federation by 100,000 to 450,000 tons. For Ukraine, the export forecast was left at the level of 500,000 tons. 15 million tons. Author: GrainTrade

News World news: Tunisia purchased durum wheat and barley at the tender. According to market operators, the Tunisian state food procurement agency ODC, during the conducted tender, purchased 50,000 tons of feed barley and 50,000 tons of durum wheat. In particular, the barley was acquired from the operator Viterra in two batches of 25,000 tons each at the prices of $241.73 and $242.73 per ton C&F, with delivery scheduled for the period of February 1-29. Similarly, the durum wheat was procured from Viterra in two batches of 25,000 tons each at the prices of $446.97 and $448.73 per ton C&F, with delivery scheduled for the period from January 20 to February 15 of the current year. Author: APK-Inform

News World news: Malaysian palm oil futures continued to rise on Wednesday as stocks fell to a four-month low. Malaysian palm oil futures continued their upward trend for the fifth consecutive session on Wednesday as stocks of Malaysian palm oil dropped to a four-month minimum. The benchmark contract for March deliveries on the Bursa Malaysia Derivatives Exchange rose by 27 ringgit, or 0.72%, to 3,759 ringgit ($810.30) per metric ton at the closing. Data from the Malaysian Palm Oil Board (MPOB) on Wednesday showed that stocks fell by 4.64% on a monthly basis to 2.29 million tons at the end of December, marking the lowest level since August. Production is expected to continue decreasing amid the seasonal cycle, reported Anilkumar Bagani, Head of Research at the Indian Sunvin Group. “Palm oil is currently seeking support from the soybean, sunflower, and crude oil markets,” according to Reuters. The most active soybean oil contract in Dalian rose by 2.30%, while the palm oil contract increased by 3.29%. Soybean oil prices on the Chicago Board of Trade fell by 0.21%. Changes in prices of related oils influence palm oil as they compete for market share in the global vegetable oil market. In 2023, Indonesia approved the replanting of 53,012 hectares (130,995.5 acres) of oil palm trees on lands owned by small farmers under a subsidy program, as shown by data from the country’s palm oil production financing agency on Wednesday. Meanwhile, Malaysian palm oil exports from January 1-10 decreased by 9.8% to 349,075 tons from 386,986 tons shipped during December 1-10, according to independent inspection company AmSpec Agri Malaysia. Exports from January 1-10 fell by 3.9% to 354,465 tons from 368,990 metric tons during December 1-10, reported Intertek Testing Services on Wednesday. Oil prices rose by approximately 2% on Tuesday as the crisis in the Middle East and disruptions in supplies in Libya offset heavy losses from the previous day. The Malaysian Ringgit remained unchanged against the US Dollar. (1 US Dollar = 4.6390 Ringgit) Author: OilWorld

News World news: Ukrainian soybean meal exports to Poland increased in December. According to the operational data, in December 2023/24 MY, the export of soybean meal from Ukraine increased to 88 thousand tons, exceeding the November figure by 26% and reaching the highest monthly level in almost 4 years (since February 2020). It is worth noting that since the beginning of the current season, over 90% of the total export of this product is directed towards the overland border, and the blockade of several crossing points on the Polish and Slovak borders in December did not hinder the increase in shipments of meal to the main market – Poland. Despite strikes, Poland imported the second-largest monthly volume of Ukrainian soybean meal in December 2023 – 46 thousand tons (+11% compared to November), accounting for 53% of the total export of this product from Ukraine. Author: APK-Inform

News World news: Rapeseed processing in the European Union shows record volumes again. In the fourth quarter of 2023, rapeseed processing in the EU amounted to 6.38 mln tonnes, which corresponds to the record figures of the same period last year – 6.41 mln tonnes. This was the estimate of production by Oil World. The biggest increase in rapeseed processing was in: Germany (+0.8 mln tons), The Netherlands (+0.2 mln tons), Czech Republic (+0.2 mln tons), Poland and France (+0.1 mln tons each). Experts also noted that the total volumes of oilseeds processing in the EU in October-December 2023 amounted to 12.2 mln tonnes, which corresponds to the last year’s figures. However, in January-September, the EU countries showed the significant increase in processing, so the total amount of oilseeds processed in the EU was 48.2 mln tonnes, which exceeds both the result of 2022 (46.7 mln tonnes) and the average for the last 5 years (46.2 mln tonnes). Author: Elevatorist

News World news: Palm oil futures in Malaysia closed with gains on September 25, 2023. Palm oil futures in Malaysia closed higher for the second session on Monday, driven by a decline in the ringgit and following the rise in prices of competing oils in Dalane. The benchmark contract for palm oil with delivery in December on the Bursa Malaysia Derivatives Exchange rose by 36 ringgit or 0.98% to 3,717 ringgit (793.72 US dollars) per metric ton at the close of trading. Last week, the benchmark had decreased by 2.75%. “Today’s market seems to be in a correction mode, tracking the strength in Dalane and awaiting new production figures. If the current rainy season in Malaysia continues, production might slow down, providing support to our market,” said a trader from Kuala Lumpur, as reported by Reuters. The most active contract for soybean oil in Dalane increased by 0.91%, while the palm oil contract decreased by 0.03%. Prices of soybean oil on the Chicago Board of Trade decreased by 0.65%. Palm oil is influenced by changes in prices of related oils as they compete for market share in the global vegetable oils market. The export of Malaysian palm oil products from September 1 to 25 increased by 15.2% to 1,088,875 tons from 945,155 tons shipped from August 1 to 25, as reported by the independent inspection company AmSpec Agri Malaysia on Monday. According to surveyor Intertek Testing Services, Malaysian palm oil product exports for the same period grew by 17.5% to 1,144,707 metric tons from 974,235 metric tons shipped from August 1 to 25. (1 US dollar = 4.6830 ringgit) Author: OilWorld

News World news: The Egyptian GASC purchased sunflower oil 10% cheaper than a month ago. On September 21, the Egyptian state operator GASC held international and local tenders for the purchase of 30,000 tons of soybean oil and 10,000 tons of sunflower oil with delivery on December 15-31 and immediate payment. Bid prices were lower than at the August 24 tender. So, 8 applications were submitted for the supply of sunflower oil (12 at the previous auction) at the price of $918-997 (990-1064) $/t C&F and 8 (8) applications for the supply of soybean oil at the price of 1019-1075 (1070-1096) $/t C&F. As a result, GASC purchased 63,000 tons of sunflower oil with immediate payment and delivery on December 15-31 at a price of $880/t C&F, which is 10.2% lower than the August 24 tender price, 12.5% lower than the August 16 tender price, and 22% – tender prices on July 26. Sunflower oil of Bulgarian and Russian production was purchased in the following lots: 18 thousand t in the company InterGrain SA, 12 thousand t in the company TOI Commodities, 12 thousand t in the company Green Suppliers, 10 thousand tons in Oliva AD company, 11,000 tons at Aston Agro Industrial. Sunflower oil prices fall against the backdrop of increased offers from the Russian Federation and Ukraine, a drop in palm oil prices to a 3-month low, and a drop in soybean oil quotes. December palm oil futures on Bursa Malaysia yesterday fell 1.7% to a 3-month low of 3,657 ringgit/t or $780/t (-2.3% for the week) after Dalian soybean oil contracts fell by 3.4%, and palm oil contracts fell by 1.7%. December soybean oil futures in Chicago were down 5.6% for the week at $1,286/t (-6.2% for the month), while asking prices for sunflower oil for delivery to buyers during the week fell from $870 to $835 /t. the Russian Federation is increasing supplies of sunflower oil to markets traditional for Ukraine. In August, oil exports from the Russian Federation increased 12 times compared to August 2022, from 25.3 to 301.5 thousand tons, of which 149 thousand tons were delivered to India, 49 thousand tons to China, and 39 thousand tons to Turkey . Author: GrainTrade

News World news: Last week, exchange prices for palm and soybean oil saw a slight increase. The Egyptian state-owned operator GASC conducted an international tender and purchased a significant volume of vegetable oils, including sunflower oil, at a price 2% lower than the prices on August 16th. The number of bids submitted sharply increased compared to the previous tender: for sunflower oil, there were 12 offers at prices ranging from $990 to $1,064 per ton C&F (which was $16 to $59 per ton lower than the previous tender), and for soybean oil, there were 8 offers at prices ranging from $1,070 to $1,096 per ton C&F (which was $45 to $46 per ton lower than the previous tender). As a result, GASC acquired 124,000 tons of vegetable oils with immediate payment and delivery scheduled from October 6th to November 5th, 2023. This includes 109,000 tons of sunflower oil at a price of $970 per ton C&F, which is 2% lower than the price in the August 16th tender and 11% lower than the price in the July 26th tender. Additionally, 15,000 tons of soybean oil were purchased at a price of $1,010 per ton C&F, which is 13.9% lower than the price in the July 26th tender. The sunflower oil was purchased from Ukrainian, Bulgarian, and Russian producers by the following companies: 30,000 tons from Viterra, 12,000 tons from TOI Commodities, 12,000 tons from Inerco, 24,000 tons from Green Suppliers, 20,000 tons from Oliva AD, 11,000 tons from Aston Agro Industrial. The 15,000 tons of soybean oil were purchased from Inter Grain SA. Last week, exchange prices for palm and soybean oil increased slightly due to hot weather in the United States and forecasts of a reduced soybean crop. October palm oil futures on the Bursa Malaysia Exchange rose by 2% to 3,962 ringgit per ton or $854 per ton (+2.4% for the week). However, prices remain under pressure due to a decrease in exports from the country. According to AmSpec Agri Malaysia and Intertek Testing Services, the export of palm oil products from Malaysia decreased by 4.3-7.8% from August 1st to August 25th compared to the same period in July. December soybean oil futures on the Chicago Board of Trade (CBOT) rose by 0.3% to $1,396 per ton on Friday (-1% for the week), while bid prices for sunflower oil with delivery to buyers during the week dropped from $920 to $895 per ton. Author: GrainTrade

News World news: Prices for new crop sunflowers are falling due to the acceleration of harvesting. The dry and hot weather in the southern regions of Ukraine has allowed for the start of sunflower harvesting, and yield forecasts for sunflowers are expected to increase due to favorable growing conditions. Over the next 10-15 days, the hot weather with slight precipitation will accelerate harvesting, leading to increased supply and, consequently, seasonal price reductions to the range of 12,000-13,000 UAH/ton with delivery to the factory. This comes against the backdrop of blocked exports of sunflower oil and meal through the Black Sea ports. Neighboring EU countries are likely to continue the ban on sunflower deliveries after September 15, reducing export demand for sunflower seeds. However, last year, strong demand from the EU supported high purchase prices. Prices for vegetable oils remain stable: Palm oil: $850-900/ton Soybean oil: $1100-1300/ton Sunflower oil: $900-930/ton with delivery to buyers. The seasonal increase in supplies of new-season rapeseed and sunflower oil will exert pressure on prices, which will remain under the influence of low demand from processors in October-November. The cancellation of the ban on sunflower deliveries to Romania and Bulgaria may provide support. According to Oil World (Germany), EU countries exported a record 963,000 tons of sunflower oil from October to June 2022/23 MY, exceeding the previous season by 369,000 tons. During April-June 2023, 318,000 tons of oil, mainly of Romanian and Bulgarian production, were exported, including 104,000 tons to Iraq, 28,000 tons to India, 31,000 tons to Morocco, and 26,000 tons to South Africa. Meanwhile, in the 2022/23 MY, EU countries significantly increased rapeseed oil exports compared to the previous season, from 249,000 to 562,000 tons. Of this, 151,000 tons were delivered to China, 177,000 tons to Norway, and 12,000 tons to Pakistan. Author: GrainTrade

News World news: Very dry weather in India supports demand for vegetable oils. August in India will be the driest in the last 100 years, and the amount of precipitation in the country will be very small, partly also due to the influence of the El Nino phenomenon, according to Reuters, citing sources in the country’s weather department. The amount of precipitation in August will be the lowest in the entire history of observations (since 1901), which will reduce the yield of rice, soybeans, and other summer crops and will lead to a rise in prices and inflation rates, which reached their highest level since January 2020 in July. Monsoon rains usually bring up to 70% of the necessary precipitation for watering farms and replenishing reservoirs and aquifers to the country. Rumors of India’s possible purchase of 9 million tons of wheat from Russia to replenish stocks and high rates of vegetable oil imports indicate concern about food shortages due to dry weather. According to the Solvent Extractors’ Association of India (SEA), in July, the country increased its import of vegetable oils by 35% compared to June, reaching 1.77 million tons (46% higher than in July 2022), including palm oil, which increased by 58% to 1.08 million tons. Malaysia increased palm oil exports from August 1 to 20 compared to the same period in July by 9.8-17.4%, according to surveyors Intertek Testing Services and Amspec Agri, indicating increased demand from India. November palm oil futures on Bursa Malaysia rose 1.65% to a 3-week high of 3,935 ringgit/tonne or $847/tonne yesterday, amid increased exports and slow production growth. Author: GrainTrade