USDA: good oilseed supply except oilseed rape - weak price development The recent assessment by the US Department of Agriculture (USDA) on the oilseeds market has brought only a few changes to the previous supply figures. Nevertheless, there were some disappointing stock market reactions. Global soybean production was cut slightly due to Brazilian crop losses. The final US soybean stocks, at 24.5 million tonnes, were twice as high as in the previous year at just under 12 million tonnes. The price pressure on the Chicago quotations followed on the heels. Reports come from Argentina about closures of a number of soybean processing factories. The background is a lack of orders from soybean meal importers, which are increasingly supplying cheap US sources. In addition, unusually much soybeans are exported from Argentina, so that own goods are not available to a sufficient extent. Usually, most of the Argentine beans are processed in their own country.Despite an unchanged estimate of palm oil production, news from Indonesia, with continued high final stocks, provided little support for a protracted price recovery. The courses gave way again. The specifications of the competing products put the rape courses under further pressure. A temporary rally came to a halt quickly. Pressure also comes from Canada. China has stopped canola imports on the grounds of harmful insect infestation. In Winnipeg, the prices dropped sharply in the short term. In the meantime a stabilization has occurred again. Overall, there is little upwards trend in the oilseeds market.
