Updated oilseed crops in 2019/20: soybean globally below 350 million tonnes - EU rapeseed below 18 million tonnes The extraordinary weather developments over the past two summer months have reduced crop expectations in almost all areas. The International Grains Council (IGC) has in its latest July report again reduced the global soybean harvest to 348 million tonnes . In the previous year, a global soybean production of 363 million tons was used. At last year's consumption of 352 million tonnes, a substantial supply of 55 million tonnes was built up. This year, the lower harvest will not be enough for rising soybean consumption of 358 million tonnes . Inventories are being reduced again, but they are still at a remarkably high level. Decisive for this year's harvest cuts are the weather-related low soybean production and the late plant development in the USA . The IGC estimates the US harvest at 114 million tonnes after a year-earlier result of 123.7 million tonnes.Soya prices have been at a stabilizing low price level for months. For soybean meal, the price is around 300 € / t as a benchmark. Depending on weather conditions, the month of August will once again be profitable and price-determining for soybeans. For the first time, the EU Commission estimates EU rapeseed harvest to be below 18 million tonnes . Previously common results of 21 to 23 million tonnes have become a long way off. The reason for this is the fall in acreage by more than 15% and the weather-related low area yields. EU rapeseed consumption will be cut from 24 to 25 million tonnes to 23,400 tonnes . To cover needs are now approx. 5 million tonnes of imports required. The supplier can be Ukraine, Australia and, if necessary, Canada, as well as Canadians offering GMO-approved goods. The rape courses in Paris show a solid development with an upward trend to the 380 € / t mark.The delayed and reduced monsoon rains in Southeast Asia are likely to affect palm oil production as well. The palm oil prices in Malaysia show buoyancy tendencies. The signs are increasing that the previously plentiful supply of oilseeds is not that big anymore.
