News World news: Since the beginning of July, the European Union has reduced purchases of rapeseed and soybeans. As of August 6, soybean imports by the European Union in the 2023/24 season have reached 1.09 million tonnes, which is 20% lower compared to 1.37 million tonnes a year earlier, according to data published by the European Commission. Rapeseed imports into the EU for the same period amounted to 199,963 tonnes, which is 66% lower than the 581,669 tonnes from the previous year. Import of soybean meal decreased to 1.27 million tonnes, which is 16% lower compared to 1.51 million tonnes from the previous year, while palm oil deliveries amounted to 297,399 tonnes, which is 7% lower compared to 320,374 tonnes from the previous year. In a separate publication, the Commission confirmed the final data for the 2022/23 season, which ended on June 30, after minor adjustments in an upward direction. Thus, the annual import of soybeans was 13.1 million tonnes compared to 14.5 million tonnes in 2021/22 MY, rapeseed imports were 7.5 million tonnes compared to 5.5 million in 2021/22 MY, soybean meal was 15.8 million tonnes compared to 16.5 million in the previous season, and palm oil was 4.1 million tonnes compared to 4.9 million tonnes a year earlier. Author: Reuters

News World news: Import of soybeans to China increased by 23.5% in July. In July, China imported 9.73 million tons of soybeans, which is 23.5% higher compared to the same period last year, according to customs data released on Tuesday. This increase in imports can be attributed to nearly record-breaking soybean production in Brazil, which influenced the rise in shipments. The data reveals that the total import volume for the first seven months of the current year reached 62.3 million tons, marking a 15% increase compared to the previous year. Soybeans are crushed to produce soybean meal, a major ingredient in animal feed, which is in high demand due to China’s large pig population. The processing profitability in China has remained positive since mid-June: processing plants in the key processing hub of Zhijiao are generating a revenue of 277.67 yuan ($38.51) per ton of processed soybeans. Soybean meal prices in China have risen by 23% since late May, reaching 4,500 yuan ($627.56) per ton. Author: Nasdaq

News World news: Soybeans surged on news from the oil and vegetable oil markets. Soybeans rose on stronger crude oil and vegetable oil markets, as well as concerns following the escalation in the Black Sea. Soybeans gained 8 cents and closed at $13.33-1/4 per bushel, but declined by 3.71% over the week. The price of Brent crude oil increased to $86. Wheat in Chicago also rose on Friday after a Ukrainian drone attack near a Russian export hub in the Black Sea, which raised concerns about global supply again. Prices received an additional boost after comments from India’s Minister of Food, Sanjeev Chopra, who stated that the country is considering reducing or canceling import duties on wheat. While Chopra rejected reports of India planning a deal to import Russian wheat, his comments heightened the market’s expectation that the country would import wheat to lower domestic prices. “Without tax, Indian imports will be calculated, so this will attract flows,” said a European trader, as reported by Reuters. Corn followed wheat’s upward movement. The most active Chicago Board of Trade (CBOT) wheat advanced by 6 cents to $6.33 per bushel after rising to $6.53-3/4 overnight. Wheat futures ended the week down by 9.83%, marking the largest weekly decline since the week ending June 30. CBOT corn quotes strengthened by 3-3/4 cents, closing at $4.97-1/4 per bushel. The contract declined by 6.18% over the week. The rise in the corn and soybean markets due to global supply uncertainties was limited by weather forecasts (improved weather conditions for US planting) and uncertain demand. Media sources suggest that Brazilian ports are shifting from soybean loading to corn loading, as the second crop corn harvest increases and generates significant volumes that need to be moved. Author: Oilword

News World news: Prices for soybean meal will remain high. It is expected that the demand for soybean meal will remain high throughout the next season, while global stocks of the product are likely to remain limited. This, in turn, keeps prices at a high level and contributes to the acceleration of soy processing margins in the US in recent weeks, according to analysts. The reduction in global supplies and export difficulties for Ukrainian meal, exacerbated by the closure of the grain corridor, have provided underlying support to the meal markets, as noted in CRM Agri’s report on the oilseed market. Despite the rise in soybean oil prices, the share of oil prices remained relatively stable at around 80%, leading to a sharp increase in processing margins for soybeans into meal and oil. This surge highlights the tension in the global food markets, British analysts reported. US Soybean Market Estimates for global soybean production for 2022/23 and 2023/24 have been revised downward by the US Department of Agriculture (USDA) in recent weeks, mainly due to reduced production in the US and Argentina. As a result, the production of soybean meal for the 2023/24 season has been revised downward by one million tons to 259 million tons in July. As for the prospects of soybeans in the US, concerns about crop conditions are growing. Similar to corn, planting conditions in the US were poor and are currently at multi-year lows, they noted. “In combination with revised downward estimates of acreage and assessments of poor condition, US yield estimates are likely to be reduced again, leading to further reductions in physical supply for the remaining part of 2023 and early 2024.” “Export sales for the new crop in the US remain the lowest since 2019, and there are few signs of a seasonal increase in demand.” Even though slow export sales in the US have weakened the oilseed market, this trend is likely to change this month, according to analysts. “Amid concerns about the potential size of the US crop and rising vegetable oil prices, US soy markets have the potential for further growth.” Author: FeedNavigator

News World news: In July, India imported a record volume of edible oil. In July, India increased the import of edible oil to a record 1.76 million tons, as processors actively built up stocks ahead of festivals due to supply uncertainties from the Black Sea region, as well as increased discounts on palm oil compared to soybean and sunflower oils. The surge in edible oil imports by the world’s largest buyer will lead to a reduction in palm oil stocks in Malaysia and Indonesia, support prices for base products and soybean oil, and also contribute to a decrease in reserves in Black Sea countries that produce sunflower oil. According to data from the Solvent Extractors’ Association of India (SEA), in the 2021/22 marketing year, the country imported an average of 1.17 million tons of edible oils per month, including 1.3 million tons in June. Dealers estimate that in July, palm oil imports increased from 683,133 tons to a seven-month high of 1.09 million tons, sunflower oil imports increased by 73% to a six-month high of 330,000 tons, while soybean oil imports decreased by 22% to 340,000 tons. Experts note that amid the conflict in Ukraine, Indian importers are maintaining high stock levels to avoid potential shortages. SEA may publish its own data on vegetable oil imports for July in mid-August. The decrease in soybean oil imports in July is attributed to delays in vessel unloading at the Kandla port. India primarily buys palm oil from Indonesia, Malaysia, and Thailand, while soybean and sunflower oils are imported from Argentina, Brazil, Ukraine, and Russia. October futures for palm oil on the Bursa Malaysia exchange rose by 45 ringgit per ton, or 1.16%, to 3,917 ringgit per ton, or 862.59 US dollars per ton. On the Dalian exchange, soybean oil futures increased by 2.16%, and palm oil futures increased by 2.35%, while on the Chicago exchange, soybean oil prices decreased by 0.11%. Prices for sunflower oil with buyer’s delivery remained at $965 per ton, and demand is gradually increasing amid a decrease in olive oil production in the EU, despite an increase in supply of new rapeseed oil. Author: GrainTrade

News World news: Palm oil prices have dropped by 7.3% over the week. Malaysian palm oil has been declining for six consecutive sessions, and yesterday, futures fell to a 3-week low in anticipation of production and export data for July. Experts believe that importers have built sufficient stocks, leading Malaysia to reduce shipments in August after active exports in June and July. In July, Malaysian palm oil exports increased by 7.8% compared to June according to AmSpec Agri Malaysia and by 14% according to Intertek Testing Services (ITS). September futures for palm oil on the Bursa Malaysia fell by 0.23% to 3872 ringgits per ton or 855 US dollars per ton on Tuesday, losing 7.2% for the week. The Malaysian Palm Oil Board (MPOB) stated that crude palm oil prices in Malaysia in the second half of 2023 would range from 3700 to 4200 ringgits per ton and receive long-term support. However, there is a possibility that by the eve of 2024, prices may rise to 4300 ringgits per ton or 952 US dollars per ton and higher due to uncertainty in sunflower oil supplies from the Black Sea region and palm oil production in Malaysia, which turned out to be lower than expected. In the first half of 2023, palm oil production in Malaysia (the second-largest global producer) decreased by nearly 3% compared to the same period in 2022. By December 2023, the largest global buyers – India and China – will import a total of 16.5 million tons of palm oil compared to 15 million tons in 2022. “In the ASEAN and MENA regions, there will be increased demand for palm oil due to its competitive price and a deficit in domestic production,” experts from MPOB predict. Shipments of sunflower oil from Ukraine to Asian countries are limited due to port blockades, which is contributing to increased sales of palm oil. Author: GrainTrade

News World news: In July 2023, Ukraine exported 500,000 metric tons of sunflower oil. Ukrainian sunflower oil exports in July exceeded 500,000 metric tons, significantly surpassing previous expectations, which were based on assumptions of a substantial reduction in sunflower stocks in Ukraine. Share UA Potential reported this, citing preliminary data from customs statistics. The export of sunflower oil in July surpassed the figures of the previous two months – in June, Ukraine exported 476,000 tons, and in May – 453,000 tons. Romania (accounting for about a quarter of the total volume) and India were the largest importers of Ukrainian sunflower oil in the reporting month. Since the beginning of the 2022/23 season, Ukrainian sunflower oil exports have reached nearly 5.2 million tons (compared to 4.1 million tons in the same period of the previous season). Author: UkrAgroKonsalt

News World news: Forecasts of a record soybean harvest in Brazil and reduced speculation in the US have led to a 4.7% decrease in soybean prices. The weather front that brought heavy rains to the corn belt regions of the US over the weekend has lowered temperatures from 35°C to 30-31°C, causing soybean prices to fall by 4.7-5%. Additionally, the forecast of a record soybean harvest in Brazil in 2024 is putting further pressure on prices. According to the Brazilian agency Safras & Mercado, the country is expected to achieve a record soybean harvest of 171.5 million tonnes in 2024, surpassing USDA’s projected 165 million tonnes. Soybean exports in 2024 are expected to increase by 4 million tonnes to 99 million tonnes, and processing is expected to rise by 1.6 million tonnes to 55 million tonnes. In the South and Central plains of the US, unlike the Northern regions, there have been no precipitation, and only at the end of the week, some rains are expected, which may alleviate the heat. On the Chicago exchange, September soybean futures fell by 4.8% to $503.6/ton, and November futures fell by 4% to $489.3/ton, completely losing the gains made in July due to the deterioration of agrometeorological conditions in the US. According to the USDA’s weekly Crop Progress report, soybean crops are developing faster than last year and the five-year average. As of July 30, 83% of soybean crops were in the blooming stage (compared to 77% last year and 78% on average), and 50% of the pods were formed (compared to 41% last year and 47% on average for the past five years). In a week, the percentage of soybean crops in good or excellent condition decreased by 2% to 52% (compared to 60% last year), particularly in the states of Kansas, Missouri, and Minnesota. During the period of July 21-27, US soybean exports increased by 14% compared to the previous week, reaching 329.5 thousand tons, and totaled 50.512 million tons in the season, which is 5.9% behind last year’s pace. In the Canadian prairies, there were scattered rains, but they came too late and will not be able to improve the condition of most crops from wheat to canola. The decline in soybean prices intensified the pressure on rapeseed and canola quotes: November canola futures on the Winnipeg Exchange fell by 3.3% to 794 CAD/ton or 593 USD/ton. November rapeseed futures on the Paris Euronext fell by 3% to 445 €/ton or 489 USD/ton, losing 7.7% in price in two sessions. Author: GrainTrade

News World news: On Monday, July 31, 2023, Malaysian palm oil futures fell by 3.02%. On Monday, Malaysian palm oil futures fell by 3.02% after the strengthening of the ringgit and the weakening of competing oils, despite the contract recording a monthly increase. The base contract for palm oil with delivery in October on the Bursa Malaysia Derivatives Exchange dropped to 3885 ringgits ($861.99) per ton at the closing price, which is the lowest level in over a month. However, the contract showed a monthly increase of 2.53%. “After the rally last week on the Russian-Ukrainian news market, it seems to have taken a breather along with the strengthened ringgit,” said a trader from Kuala Lumpur, according to Reuters. The most active Dalian contract for soybean oil also declined by 2.12%, while the palm oil contract fell by 2.38%. Soybean oil prices on the Chicago Mercantile Exchange lost 2.51%. Data from AmSpec Agri Malaysia showed that palm oil exports from Malaysia increased by 7.8% in July compared to the previous month, while surveyor Intertek Testing Services (ITS) reported a growth in exports of 14% in July. Oil prices hovered around a three-month high on Monday, demonstrating the largest monthly increase in over a year on expectations that Saudi Arabia would extend voluntary production cuts until September and reduce global supply. Stronger crude oil futures make palm oil a more attractive option for biodiesel production. The price of palm oil may jump to 4057 ringgits per metric ton before resuming a downward trend to retest support at 3964 ringgits. (1 dollar = 4.5070 ringgits) Author: OilWorld

News World news: The reduction in the rapeseed crop forecast in the European Union and the drought in Canada may lead to an increase in quotations/prices. Quotations for rapeseed on the Paris Euronext exchange have been falling for the second consecutive week, despite forecasts of a decrease in rapeseed crop in the EU and Canada, deterioration in soybean crop conditions in the USA, and rising oil prices. During the week, November rapeseed futures on the Paris Euronext fell by 4.7% to €458.75/ton or $505/ton, gaining 4.7% over the month due to production reduction forecasts. If last week’s prices fell due to increased supplies, especially from Ukraine, amid harvest, this week prices will be influenced by forecasts of reduced crops in the EU. Experts from the European Commission lowered the rapeseed crop forecast in the EU for 2023 to nearly last year’s level, from 19.9 to 19.4 million tons, while in June they estimated it at 20.7 million tons. At the same time, the forecast for rapeseed imports into the EU for 2023/24 MY remained at 5.8 million tons, compared to 7.2 million tons in 2022/23 MY. November canola futures on the Winnipeg exchange fell by 2% to 809 CAD/ton or $610/ton last week, gaining 10% over the month due to precipitation deficit in the southern regions of the Canadian prairies. In the next 7-10 days, no precipitation is expected in the provinces of Saskatchewan and Alberta, even though canola crops are at the pod-filling stage, which could reduce yield potential and increase speculative pressure on prices. In Ukraine, as of July 28, 2.498 million tons of rapeseed have been harvested from 931.3 thousand hectares or 65% of the areas, with a yield of 2.68 tons/ha (2.56 tons/ha last year). In the coming days, precipitation is expected, especially in the western regions, which will delay harvest and reduce yields, although production forecasts remain at the level of 3.8-4 million tons. Purchase prices for rapeseed at the end of the week increased to $370-375/ton or 14,800-15,300 UAH/ton with delivery to the Danube ports, but traders are holding back purchases due to the rise in freight rates from Danube ports to Constanța and the decrease in global prices. Today’s report on soybean crop conditions in the USA could lead to a sharp increase in soybean prices, which will subsequently affect rapeseed and canola quotations. Author: GrainTrade