Domestic prices for oilseeds (except for rapeseed) moved up last week. The situation did not change significantly. Agricultural producers restrained sales, provoking buyers to raise prices, which was quite effective amid the growing demand from buyers. Sunseed prices grew on average UAH 100-200/MT.Export prices for sunflower seed and soybeans (FOB with delivery in May) remained unchanged. Sunflower seed prices equaled USD 395/MT (seller), USD 384/MT (buyer). World markets of competing vegetable oils showed price reduction during the second week in a row (palm oil – by 1.2%, soybean oil – by 0.8%), while the prices for Ukrainian sunflower oil (FOB with delivery in May) strengthened by USD 2/MT. Currently, oil stocks in ports are lower than last year, which creates some tension in the market. But these volumes are still enough to provide export shipments, which are almost 14% ahead of last year.In the domestic market of sunflower oil, the prices strengthened on average by UAH 200/MT under the influence of stronger demand and limited supply.
Ukraine. Crusher soybean stocks in early April down 22% from last year
According to current information of the State Statistics Committee, sunseed stocks in Ukraine totaled 3512.9 KMT as of April 1, 2018 that is 9.5% less than by the same date last year (3881.3 KMT). This included 1714.8 KMT held by growers (down 369.6 KMT or 17.7% from the same date in 2017), while storing and crushing companies accounted for 1798.1 KMT (down 1.2 KMT or 0.07%). As of April 1, 2018, soybean inventories held by crushing companies were down 16% on the year at 367.8 KMT against 438.3 KMT as of April 1, 2017. At the same time, rapeseed stocks were almost 10% lower than a year ago (57.1 KMT and 63.3 KMT, respectively).
Argentina soybean harvest at record pace, yields decline
Argentina’s soybean harvest accelerated over the past week with harvested areas reaching 54% of the planted acreage, an increase of 14.4 percentage points on the week and up 21.7 percentage points on last year: BAGE. The accumulated harvested volume crossed the 22 million mt mark, with the total expected at 38 million mt, unchanged on the week. Average yields slipped back from 2.56 mt per hectare last week to 2.38 mt per hectare, as the majority of lots in good condition are already harvested and action now moves towards areas that have suffered more severely from the drought.
Egypt about 58 KMT of vegoils purchased in a tender
The Egyptian state buyer GASC purchased 29.5 KMT of sunflower oil and 28.2 KMT soybean oil in a tender held on April 26, 2018. the sunflower oil was bought from Aston (11.5 KMT) and ADM (18 KMT) at a price of USD 816.5/MT. The soybean oil was bought from Alex Co (13.2 KMT) and Cargill (15 KMT) at a price of USD 781.5/MT. The delivery period is July 1-15, 2018.
NCDEX soybean hits 3% lower circuit on CBOT losses
Soybean contracts on NCDEX hit the 3% lower circuit, tailing losses on CBOT and due to weak demand from crushers. The most-active May futures were down 3% at 3,611 rupees per 100 kg. Arrivals were steady in Madhya Pradesh and also unchanged in Maharashtra.