Oilseeds daily: China invests in Argentina
August 3, 2020 at 10:54 AM ,
Der AUDITOR
Agreement with China to boost soybean market in Argentina
Oil has driven up US soybean futures. On Friday, the USDA reported that 220,000 metric tonnes of soybean meal were shipped to the Philippines. Trading volumes are also estimated 8.3 million bushels higher than last year at 117.8 million bushel in the NOPA Crush Report for July, which supported the price trend in Chicago. In Argentina, the government is about to conclude an agreement with China on the supply of live pigs and frozen pork, which should pave the way for Asian investors in the country. Due to big problems with the African swine fever, China supports the construction of pig farms, slaughterhouses and the infrastructure required for meat production in interested countries around the world. Soymeal is meanwhile trading largely stable in the physical market in Europe.
Soy futures (front month) |
||
Soybeans (USD/bu) |
903.00 |
0.8% |
Soymeal (USD/bu) |
288.60 |
-1.2% |
Soy oil (USD/bu) |
31.35 |
3.2% |
CBOT |
Soymeal LP (44/7) EUR/t, physical market |
||||
FOB. |
8/20 |
9/20 |
10/20 |
11/20 |
Rotterdam, NL |
289.00 |
289.00 |
291.00 |
291.00 |
Hamburg, DE |
288.00 |
288.00 |
290.00 |
290.00 |
Mainz, DE |
296.00 |
296.00 |
298.00 |
298.00 |
Straubing, DE |
313.00 |
313.00 |
317.00 |
317.00 |
Trade sources |
Canada steps up canola exports to Europe
Rapeseed and canola are mainly trading stable in the international markets. Due to the Terry Fox Day the markets remain closed in Canada on Monday. Accroding to the Canadian Grain Commission exports to Western Europe raange four times higher than last year at 1.993 million metric tonnes this season so far. Shipments to the United Arab Emirates have also doubled and shipments to Japan have flatlined at 2.017 million metric tonnes to Japan. Palm oil has risen sharply in Kuala Lumpur after a long weekend.
Futures (front month) |
||
Canola (CAD/mt) |
489.00 |
-0.1% |
Rapeseed (EUR/mt) |
381.75 |
0.1% |
Palmoil (ringgit/mt) |
2,725 |
1.1% |
Trade sources |
Rapeseed 00 (40/9/2), spot market, new crop |
||
Place |
EUR/mt |
Diff. |
Rouen FOB |
378.00 |
0.00 |
Moselle FOB |
380.00 |
0.00 |
Hamburg CIF |
374.00 |
0.00 |
Neuss DDP |
383.00 |
0.00 |
Hamm DDP |
384.00 |
0.00 |
Mannheim DDP |
381.00 |
0.00 |
Trade sources |