Frost reduces already low US soybean harvest expectations In the US Department of Agriculture's (USDA) latest oilseeds report of Oct. 10, 2019, US soybean yields were reduced from 120 million tonnes a year earlier to 96.6 million tonnes this year. The decisive reason is the weather-related reduced and delayed sowing this year. The current frost quarry Anf Okt. will reduce the beans that are still at an early maturity stage. To what extent remains open for the time being. In any case, the Chicago stock market prices in the soybean complex have reacted sharply upwards. Soybean meal is currently still below average at € 310 / t, but it is expected that further price increases are imminent. Other soybean harvests the USDA at the unchanged level of the previous month. Brazil expects a record harvest of 123 million t despite drought-related sowing delays. In Argentina , the soybean harvest is estimated at just under 53 million tonnes.Both crops will start in spring 2020. The second market leader in the oilseed palm oil sector is assuming unchanged results from the previous month's estimate. The global harvest is 2 million t higher than in the previous year. Indonesia and Malaysia remain the main suppliers with a production share of 85%. China, India and the EU-28 together import approx. half of world trade. The palm oil courses are easy to pick up . The USDA has finally reduced the global rapeseed harvest to 68.5 million tonnes . In the previous year, it was just under 72 million t. This year's crop reductions are due to a low 19.5 million tonnes in Canada and an extremely low 17.15 million tonnes in the EU -28. Both countries were well above the 20 million t mark in earlier years. Global overhang stocks remain relatively high due to unsold Canadian inventories of 3.6 million tonnes . The reason is the refusal of supply to China, which was refused for political reasons.Stocks in the EU-28 are at their lowest levels. The rape prices have moved up significantly. In Paris, prices are oriented towards May 2020, slightly above the € 380 / t line .
