Prices in Europe’s animal feed meal market rose, supported by the previous day’s rise in Chicago soymeal, ahead of world crop forecasts from the U.S. Department of Agriculture (USDA). The only significant trade reported was in rapeseed meal, which traded at 233 euros ($276.62) a tonne free on truck for prompt delivery in Hamburg.
Soymeal prices on Europe’s animal feed market edged lower, tracking soymeal futures in a further consolidation after a rally to multi-months highs earlier in the week. Brokers expected the market, mainly driven by weather elements, including dry weather in Argentina and in the US Midwest, to remain volatile in the coming weeks. Argentine high-protein soymeal for May delivery was offered at $493 a tonne cif Rotterdam, down $4, while Brazilian high-protein soymeal for May was offered at $504 a tonne cif Rotterdam, down $6.
Demand for Indian soymeal from China, the world’s largest buyer, is seen growing as it levied a 25% tariff on imports of soybean from the US. Anticipation of a rise in acreage under soybean following forecast of normal monsoon may clip any sharp increase in prices. Weakness in key soybean contracts on the Chicago Board of Trade may further limit any steep rise on the domestic bourse. Favourable warm weather in the US, the world’s top grower of soybean, may result in higher acreage this year. Refined soyoil on the NCDEX and crude palm oil on the MCX may trade higher on hope of a rise in demand at lower price level in wholesale markets. Depreciation of the rupee against the dollar may also boost prices. Any sharp rise in the tropical oil would be limited, in line with the expected weakness in key crude palm oil contracts on Bursa Malaysia Derivatives. Weak exports in April are seen weighing on the sentiment for CPO. Malaysia’s palm oil exports during the Apr 1-25 are estimated lower on month, at 1.16 mln tn, according to the data from private cargo surveyors.
The continuous expansion of the livestock and poultry industry in the Philippines may increase the country’s imports of soybean meal (sbm) this year by 5.45% or a record high of 2.9 million tonnes. The projected imports are higher by 15,000 tonnes than the 2.75 tonnes recorded in 2017, driven by strong feed demand from the expanding hog and poultry industries. The US still remains the top source of sbm for the Philippines.
Pakistan increased demand for soybean meal in poultry feed rations. The poultry industry in Pakistan is increasingly using soybean meal in its feed rations, and the USDA is expecting the country’s soybean imports to hit a record 2.5 million metric tons (MMT) in MY 2018/2019. Pakistan imported 1.7m tons of soybeans during MY 2016/17, according to the USDA data. Importers have shifted from Indian soymeal to take advantage of competitively-priced soybeans from other countries, said the US agency report. Rapeseed and canola imports are almost at and are expected to maintain at 2 million tons during 2017/18 and imports of soybeans are expected to climb to 2.0 MMT given the current tari structure. Soybean imports during MY 2018/19 are projected to reach to a record 2.5.
Philippine soybean meal (SBM) imports this year would go up by 5.45 percent to a record-high of 2.9 million metric tons (MMT) due to the continuous expansion of the livestock and poultry sectors. Driven by strong feed demand from the expanding domestic hog and poultry industries, SBM imports are forecast to reach a record 2.9 million tons in marketing year [MY] 18/19.