US Department of Agriculture estimates oilseed supply in 2020/21 differently After last year's decline, the USDA estimates global oilseed production to be higher again. The soybean plays a decisive role in this. In contrast, significant harvest losses are expected for sunflowers and cottonseed . The global rapeseed harvests remain at the reduced level of recent years. Ending stocks that have been falling for 3 years indicate that consumption is higher than production. The global supply is getting tighter, but is still above the multi-year average. The global production of vegetable oils increased only slightly by +1%. The largest contributions are made by soybean oil with + 4.1% and palm oil with + 3.1%. A strong reduction can be observed with sunflower oil . Rapeseed oil falls by -1.2%.A strong increase in consumption leads to a reduction in excess stocks by a considerable amount of -11.7% compared to the previous year. Nevertheless, the supply of vegetable oils remains in the middle of the range in a long-term comparison. The prices for rapeseed and soybean meal are moving after the previous high altitude at a somewhat lower but stabilizing level. Rapeseed prices in Paris are based on the line of 410 € / t and soy meal (44% RP) is quoted at the equivalent of 369 € / t on the Hamburg stock exchange . For the months May to July 2021 , the prices are even below € 350 / t. The strong euro exchange rate makes import purchases cheaper than American goods.
