IGC estimates global oilseed supply lower - prices of vegetable oils increase The International Grains Council (IGC) cuts global soybean harvest to 341 million tonnes. That is about 5% less than last year. The decisive factor is the US harvest , which is down 20% compared to the previous year due to the delayed and partially prevented ordering work. Early frosts could still lead to further cuts in US crop yields. By contrast, in Brazil in the spring of 2020, a record harvest of 121.5 million tonnes is expected again. For Argentina , the IGC only anticipates a marginally average harvest of 53.5 million tonnes. With global consumption of just under 360 million tonnes, inventories must be used. Final stocks fall from 14.2% in the previous year to 8.9% in terms of consumption. This corresponds to the long-term average value. The high soybean imports China of 86 millionFirst of all, it is astonishing against the background of the 30 to 50% reduction in pig herds. On the other hand, there is a strong shift to poultry production. In addition, one dispenses with other sources of protein that have been proven to be contaminated with the ASP virus. Nevertheless, the shopping behavior falls short of expectations. Palm oil production in Malaysia did not deliver the expected result in Sep.-19, but remained at the previous year's level. Only the month of October is the seasonal peak of palm oil production . By contrast, inventories have decreased significantly. Accordingly, palm oil prices have risen again recently. Malaysia and Indonesia want to increase the biodiesel blend from 20% to 30%. Support also comes from a slight increase in the price of crude oil . Rising prices for mineral and vegetable oils have also kept rape prices on their way down. First indications speak for courses, which can move above the 380 € / t mark.The soybean meal prices are showing a weaker development after a short flight. Decisive cause is a high stock in the USA . Reduce deliveries from South America. Soon, the weak US soybean harvest will set the tone for a few months; however, the influence is superimposed by the high expectations of the Brazilian harvest
