Soybean Crushings Down Sharply in August

Farmer selling under the soybean dollar scheme has slowed down during the past few days..... Soybean crushings as well as exports of oils and oilmeals continued to decline sharply on the year in August. Crushings of sunflowerseed, however, exceeded expectations driven by an increase in sun oil exports...

Production Deficit Seen Developing in the Course of 2023/24

The world market has recently digested still ample supplies mainly of sunflower oil, rapeseed oil and palm oil. World imports of 17 oils and fats are seen increasing steeply by 8.5 Mn T in Oct/Sept 2022/23....

The replenishment of stocks in key importing countries in recent months is also a reaction to significant uncertainties shaping up in 2023/24. The prevailing El Niño conditions jeopardize oilseed production in Australia and elsewhere in the southern hemisphere and may affect production of palm and lauric oils in Southeast Asia in the course of 2024....

Global Oilseed Production Surplus in 2023/24

Sharply rising Brazilian exports of soybeans have significantly reduced the US share in world exports. Competitively priced Brazilian soybeans will again curb US soybean exports in Sept/Dec 2023. ...

In our tentative 2023/24 production estimate we peg the soybean crop in the 5 South American countries at a new high of 221.7 Mn T, a massive 28.9 Mn T above a year earlier. Weather developments are the major uncertainty to watch.... More details in the MONTHLY...

Tallow Supported by Rising Demand from Biofuel Producers

Tallow prices have appreciated relative to other oils & fats. It has become a preferred feedstock for the production of renewable energy. Rapidly rising demand, particularly in the USA, has outpaced production and generated unusually high premiums of tallow & greases for both technical as well as edible qualities....

Changes in trade flows have been significant. Stimulated by the higher prices prevailing in the USA, a larger portion of the tallow export supplies of Australia, New Zealand, Brazil and Argentina has been directed to the USA... More details in the WEEKLY

Exports Larger Than Expected in June/Aug

In August exports of wheat, rapeseed and sunflower oil as well as of rapeseed oil & meal increased on the year, despite the termination of the export corridor on July 17 and despite the damages done by Russian rockets/drones at several ports.....

Crushings of rapeseed and sunflowerseed turned out higher than expected in July and August, which boosted exports of the respective oils and meals sharply above last year’s level....

Brazilian Soybean Exports Forecast to Rise Sharply in Sept/Dec

Brazilian soybean exports are exceeding expectations. We have raised our estimate to 98.5 Mn T for Jan/Dec 2023 from a crop of 158 Mn T....

Combined soybean exports of 6 key countries declined seasonally in August but still exceeded the year-earlier level by 0.8 Mn T. Cumulative soybean exports of this group of major supplying countries increased by about 11 Mn T or 7% above a year earlier in Sept/Aug....

Record Vegoil Imports

Indian imports of palm oil and seed oils are reaching unprecedented levels this quarter as a result of huge arrivals in July and August. While consumption is recovering pronouncedly this season from the sluggish development in the preceding two years, the recent import volume has inflated vegetable oil inventories in India to partly burdensome levels.

According to our estimates, the stocks/usage ratio of the eight major vegetable oils calculates at a new high of more than 18% at the end of the season Oct/Sept 2022/23, versus 11–12% on average of the preceding five seasons...