STATISTICS STATISTICAL NEWS Vegetable oil prices
Vegetable oil prices trended higher in April and May, following a resurgence in global COVID-19 cases, particularly in Asia. The Mintec Category Indices (MCI) for oils and fats rose 7.51% month-on-month to US$1,828/tonne on 12 May. The index was also up 23% quarter-on-quarter. The Mintec Benchmark Price (MBP) for EU soyabean oil climbed 3.5% month-on-month to €1,190/MT on 3 June. US soyabean prices also hit a decade high of US$1,296/ tonne on 26 April, spurred by firm biofuel demand and cold weather at the start of the US planting season for the 2021/22 crop. Chinese demand for soyabean meal remains firm as the country’s hog herd continues to recover. The MBP for EU sunflower oil fell 13% month-on-month to US$1,410/tonne on 3 June. Prices have been significantly impacted by a lack of willingness to purchase on the spot market after tight Ukrainian, Russian and EU supply sent prices skyrocketing over the past year. Market participants are now looking to buy oil from the new season crop in September.
Vegetable oil prices (€/tonne)
Rapeseed oil
The Mintec Benchmark Price (MBP) for EU rapeseed oil rose 2.2% month-on-month to €1,165/tonne on 3 June. Despite price volatility in May due to demand uncertainty arising from the resurgence of COVID-19, the market continued to push higher, with prices hitting a record high on €1,200/tonne on 28 April. The main drivers on the demand side have been firm global demand for biofuel feedstocks and rapeseed meal for animal feed in China. On the supply side, there has been tight global supply due to poor weather last year, and subsequently harvests, in Canada and the EU. Canadian stocks fell to just 6.57M tonnes in March, the lowest level in eight years. EU supply also remains very tight. High prices are, however, currently deterring purchases on the spot market, with buyers opting for purchases on the cheaper futures market at a later date.
Rapeseed oil fundamentals, Canada (‘000 tonnes)
Palm oil
Global palm oil imports (million tonnes)
Prices of selected oils (US$/tonne) Soyabean Crude palm Palm olein
Dec 20
Jan 21
Feb 21
Mar 21
Apr 21
May 21
1,001.7
1,053.2
1,075.1
918.4
915.9
974.0
1,220.0
1,369.2
1,427.1
1,045.5
1,000.1
1,128.9
873.6
875.1
911.6
985.5
921.6
1,046.6
Coconut
1,491.5
1,458.2
1,435.0
1,528.0
1,554.0
1,633.9
Rapeseed
1,040.0
1,092.5
1,131.5
1,218.2
1,339.1
1,386.6
Sunflower
1,185.1
1,298.5
1,385.9
1,637.6
1,589.4
1,595.0
Palm kernel
1,246.5
1,345.2
1,335.7
1,434.2
1,430.4
1,464.1
Average
1,108.0
1,148.0
1,178.0
1,296.0
1,315.0
1,383.0
263.0
272.0
279.0
307.0
312.0
328.0
Index
36 OFI – JUNE 2021
Stats June.indd 1
The MBP for palm oil (Rotterdam, origin – Malaysia and Indonesia) rose 2.25% month-on-month to US$1,135/ tonne on 3 June. Prices were particularly impacted by a severe resurgence in COVID-19 cases in India, the world’s largest palm oil importer. Demand fell from the country due to the reinstatement of lockdowns, weighing on palm oil use for both edible and fuel purposes. Demand has shifted slightly to soyabean oil, which is used primarily as a home cooking oil, while palm oil is typically used by the hospitality and food sectors. The situation in India is expected to improve by mid-July, at which point palm oil prices could firm. Mintec provides independent insight and data to help companies make informed commercial decisions. Tel: +44 (0)1628 851313 E-mail: sales@mintecglobal.com Website: www.mintecglobal.com
www.ofimagazine.com
11/06/2021 09:35:13
