STATISTICS STATISTICAL NEWS
USDA FAS
Soyabean and palm oil export prices
IGC, Agrarmarkt Informations-Gesellschaft (mbH)
Soyabean and palm oil export prices
Soyabean oil prices spiked in March driven by tight vegetable oil supplies and expectations of higher demand for soyabean oil for biofuel use, according to the United States Department of Agriculture (USDA) Foreign Agricultural Service April 2021 Oilseeds World Markets and Trade report. US soyabean export prices rose in March, approaching seven-year highs as continued late-season exports further tightened stocks. Brazil prices fell slightly due to expectations of seasonally large new crops and higher exportable supplies. Argentina prices fell as rains provided much needed moisture and slowed crop losses in droughthit regions. Palm oil prices rose slightly on strong March exports, tracking rival oils, the report added.
Global rapeseed supply and demand
3,000
500
2,700
400
2,400
300
2,100
200
1,800
100
1,500
0
1,200
-100 Jan-15
900 Jan-19 Jan-20 Jan-21 Average Premium MPOB Stocks
Jan-16 Jan-17 Jan-18 EU CPO Premium over Brent
POC Conference, EU CPO price premium over Brent crudeMarch oil2021
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Prices of selected oils (US$/tonne)
Mintec
Nov 20
Dec 20
Jan 21
Feb 21
Soyabean
946.9
1,001.7
1,053.2
Crude palm
855.6
918.4
915.9
Palm olein
Mar 21
Apr 21
1,075.1
1,220.0
1,358.2
974.0
1,045.5
987.2
811.8
873.6
875.1
911.6
985.5
913.5
1,396.2
1,491.5
1,458.2
1,435.0
1,528.0
1,564.0
Rapeseed
988.0
1,040.0
1,092.5
1,131.5
1,218.2
1,329.0
Sunflower
1,117.7
1,185.1
1,298.5
1,385.9
1,637.6
1,585.2
Palm kernel
1,104.9
1,246.5
1,345.2
1,335.7
1,432.2
1,430.4
Average
1,032.0
1,108.0
1,148.0
1,178.0
1,296.0
1,310.0
244.0
263.0
272.0
279.0
307.0
310.0
Coconut
Index
32 OFI – MAY 2021
Stats May.indd 1
LMC International, Virtual POC March 2021
600
MPOB palm oil stocks, '000 tonnes
EU CPO premium vs Brent, US$/tonne
The International Grains Council (ICG) has forecast that the world’s four largest rapeseed producers – Canada, the EU, China and India – will harvest 72.8M tonnes of rapeseed in the 2021/22 crop year compared with 70.4M tonnes in 2020/21. The IGC outlook is based on a 2% increase in planted area and yield increases, according to the Union for the Promotion of Oil and Protein Plants (UFOP). Global rapeseed consumption is forecast to fall Stocks should recover slowly, cutting the CPO-Brent spreadslightly to 72.9M tonnes in 2021/22 due to strong demand in Asia and Europe. Prospects for a bounceback in In 2016 and 2017 biodiesel use reacted to a widening CPO-Brent premium. This time, it did not, global rapeseed supply in 2021/22 appeared to be poor Global rapeseed supply and demand (million tonnes) and La Niña caused stocks to plunge, pushing the premium through the roof. Looking ahead, in light of expected low stocks and moderate growth in Indonesian growth will raise stocks slowly, lowering the premium gradually to more normal levels. production. Ending stocks for 2021/22 were forecast at . the previous year’s level of 3.6M tonnes. 3,300 700
EU CPO price premium vs Brent crude oil
The EU crude palm oil (CPO) price premium vs Brent crude oil hit highs in January as the La Niña weather phenomenum pulled vegetable oil supply below expectations and caused stocks to plunge, LMC International chairman James Fry told the Virtual Price Outlook Conference (POC) in March. Looking ahead, Indonesian palm oil production growth would raise stocks slowly, lowering the premium gradually to more normal levels, he said. The International Grains Council is an intergovernmental organisation focused on international cooperation in grains trade. 8
The Union for the Promotion of Oil and Protein Plants represents companies and associations involved in the production, processing and marketing of oil and protein plants in Germany. LMC International, UK is an independent consulting firm specialising in global agricultural commodities and agribusiness. 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
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29/04/2021 18:01:54
