Stabilization in the sector of canola - soybean meal on low rate
Again appealing crude oil prices above the $30 / barrel mark provide oil worth stressed oilseeds support during the course. Despite daily fluctuations recorded RAPs on the Paris Bourse more significantly above the €360 per t line. In Canada, canola is rated firmer on the Winnipeger stock exchange.
Support also comes from the palm oil price in Malaysia. The El Niño induced rain deficit leads to further production declines. The high inventories will be dismantled. The palm oil prices rise again on the order of $550 per t. Additional increases in the forward rates are for the other months.
The assessment that the Canadian canola area 2016 is to be extended, only slightly damaged the course development. Assuming the surface growth will be largely made up by an only average yield.
European rape courses benefit from the rising price of crude oil. If it should come true that Russia and the OPEC countries should take a common course of the reduction of oil production, the crude oil price could mount further. However, the question remains to what extent further extend its crude oil exports of Iraq and the Iran or not.
On the soy market , the attention is focused on the progressive soybean harvesting in Brazil. Cheap harvest weather accelerated the work done in the fields. However, different messages about not-so-high Flächenerträge be disseminated.
In Argentina , growth quite cheap, weather, with the exception of parts of the province of Buenos Aires there is over wide areas of cultivation.
Contrary to all expectations in the year 2016 instead of 81 million tonnes, China wants rd. 85 million t soya bean import. Thus continued the usual annual increase by 4 million tonnes per year. The crucial reason comes in the increasing share of commercial livestock with improved protein-rich feed compositions. But it may be financial bottlenecks on the other side. A less strong economic growth and a repeatedly devalued Chinese currency conflict increasing imports.
European imports of soybean meal prices are determined by the euro. The exchange rate currently commutes to the value of $1.08 € each. A stronger as the euro could cheapen the soy meal imports and at the same time put pressure on the prices of rapeseed. A weak euro makes more expensive imports of soybean meal and rapeseed price increases in this country.
ZMP Live Expert Opinion
Oil weighted value oilseeds have regained value, because the crude oil price again moved upwards. Support comes from the palm oil market, driving back its production and surplus stocks by precipitation deficits.
The average penetration rate in the market and price action dominates soy in the parts market. The expectations for the starting südamerikansiche harvest have been put back a little, stay but still at record level. The price level in the soybean sector is accordingly low.
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