News&Events
24.03.2024
Black Sea & Danube Region. Oilseed Crop Forecast, 2024
The Black Sea region is a powerful producer of oil crops. The total harvest of sunseed, rapeseed and soybeans in Ukraine, Romania, Bulgaria, Moldova and russia in 2023/24 will be 59 M mt, which is about 11% of the world harvest of these crops.
Taking into account the conditions and peculiarities of each country, it is expected that in 2024 the oilseeds crop in the Black Sea region will increase, the share of sunseed is expected to be 60%, rapeseed – about 18%, soybeans – almost 22%.
Sunseed
Taking into account the conditions and peculiarities of each country, it is expected that in 2024 the oilseeds crop in the Black Sea region will increase, the share of sunseed is expected to be 60%, rapeseed – about 18%, soybeans – almost 22%.
Sunseed
- Total area in all countries of the Black Sea region is expected to grow (+3% by 2023);
- Harvest – (+2.6% y/y).
- Planted area – (-0.3% by 2023).
- The regional harvest – (-2.1% y/y).
- UkrAgroConsult forecasts record area and production of soybeans in 2024 in the Black Sea and Danube region.
- Sown area – (+6% to 2023);
- Harvest – (+4%).
SOFIA/KYIV. Germany's sunflower seed imports have declined by 15% year-on-year, with shipments from France in particular experiencing a drastic decline. Meanwhile, the European Commission is working on restricting food imports from Russia and Belarus.
France's deliveries to Germany collapse
Between September 2023 and January 2024, Germany imported a total of 84,944 mt of sunflower seeds, a year-on-year decline of 15%. France can just about cling on to the position of main supplier with 30,281 mt, but imports in January 2024 totalled just 151 mt, compared to a good 10,500 mt in the same month last year. Accordingly, the difference for the entire period of the season to date is -24%. Shipments to Hungary (-18% to 3,990 mt), Poland (-28% to 3,190 mt) and Moldova (-20% to 2,905 mt) also declined, while imports from...
France's deliveries to Germany collapse
Between September 2023 and January 2024, Germany imported a total of 84,944 mt of sunflower seeds, a year-on-year decline of 15%. France can just about cling on to the position of main supplier with 30,281 mt, but imports in January 2024 totalled just 151 mt, compared to a good 10,500 mt in the same month last year. Accordingly, the difference for the entire period of the season to date is -24%. Shipments to Hungary (-18% to 3,990 mt), Poland (-28% to 3,190 mt) and Moldova (-20% to 2,905 mt) also declined, while imports from...
23.03.2024
Rapeseed prices are rising in line with vegetable oil prices
Despite significant global supply and stocks of oilseeds, including rapeseed, prices continue to gradually recover from February's decline amid rising oil and palm oil prices, as well as forecasts of a decline in European rapeseed production.
According to the forecast of the Coceral agency, EU countries and Great Britain will harvest 20.2 million tons of rapeseed in 2024, which is 1.1 million tons less than the 2023 harvest.
May Brent crude futures rose to a 5-month high of $87.4/bbl on Tuesday, but fell 1.6% to $86/bbl yesterday (+2.4% for the week, +4.6% per month) against the backdrop of profit-taking by traders and strong pressure on the dollar.
The market was supported by data from the EIA agency, according to which US crude oil inventories fell by 2 million barrels to 445 million barrels during the week, although analysts expected a decrease of 1.2 million barrels.
May palm oil futures on Bursa Malaysia rose 1.7% yesterday to RM4,272/t or $909/t (+1.8% on the week). Following them, the May futures for soybean oil on the exchange in Chicago rose by 1.7% to $1,079/t (+1% for the week).
According to the forecast of the Coceral agency, EU countries and Great Britain will harvest 20.2 million tons of rapeseed in 2024, which is 1.1 million tons less than the 2023 harvest.
May Brent crude futures rose to a 5-month high of $87.4/bbl on Tuesday, but fell 1.6% to $86/bbl yesterday (+2.4% for the week, +4.6% per month) against the backdrop of profit-taking by traders and strong pressure on the dollar.
The market was supported by data from the EIA agency, according to which US crude oil inventories fell by 2 million barrels to 445 million barrels during the week, although analysts expected a decrease of 1.2 million barrels.
May palm oil futures on Bursa Malaysia rose 1.7% yesterday to RM4,272/t or $909/t (+1.8% on the week). Following them, the May futures for soybean oil on the exchange in Chicago rose by 1.7% to $1,079/t (+1% for the week).
23.03.2024
Soyabean oil futures now available for trading on Bursa Malaysia
Futures and options exchange Bursa Malaysia Derivatives Berhad has announced it is now trading soyabean oil futures.
The launch of the Bursa Malaysia DCE Soybean Oil Futures (FSOY) contract followed an agreement between the exchange and Dalian Commodity Exchange (DCE) for the licensing of soyabean oil futures settlement price that the companies announced in November.
Bursa Malaysia Derivatives said the FSOY contract marked the first non-palm-based edible oil futures contract to be listed on the exchange.
The relative prices of palm and soyabean oils - the two most widely consumed edible oils - were important for market players, particularly food manufacturers, as the oils were frequently used interchangeably as recipe ingredients, the exchange said on 18 March.
“We are pleased to be the first exchange outside of China to be granted licence to incorporate DCE's commodity futures settlement prices into our product offering,” Muhamad Umar Swift, chairman of Bursa Malaysia Derivatives and CEO of Bursa Malaysia Berhad, said.
“In addition to our existing futures contracts, market participants can now leverage FSOY as a risk management tool to hedge against price fluctuations in times of market volatility and evolving complexities of international markets.”
The launch of the Bursa Malaysia DCE Soybean Oil Futures (FSOY) contract followed an agreement between the exchange and Dalian Commodity Exchange (DCE) for the licensing of soyabean oil futures settlement price that the companies announced in November.
Bursa Malaysia Derivatives said the FSOY contract marked the first non-palm-based edible oil futures contract to be listed on the exchange.
The relative prices of palm and soyabean oils - the two most widely consumed edible oils - were important for market players, particularly food manufacturers, as the oils were frequently used interchangeably as recipe ingredients, the exchange said on 18 March.
“We are pleased to be the first exchange outside of China to be granted licence to incorporate DCE's commodity futures settlement prices into our product offering,” Muhamad Umar Swift, chairman of Bursa Malaysia Derivatives and CEO of Bursa Malaysia Berhad, said.
“In addition to our existing futures contracts, market participants can now leverage FSOY as a risk management tool to hedge against price fluctuations in times of market volatility and evolving complexities of international markets.”
23.03.2024
China to import record amount of grains and oilseeds in 2024
Amid low global prices and a shortage of domestic production, China may import a record amount of grains and oilseeds in 2024, although it recently canceled deliveries of previously contracted shipments, Reuters reports.
Market participants expect that the rate of imports will increase in April, and the total volume of supplies in 2024 will correspond to last year. According to StoneX estimates, China will continue to buy high-quality milling wheat in Canada, the US and Australia to mix it with its own grain, the quality of which will be very low due to unfavorable weather conditions.
In January-February, China increased corn imports by 16% to 6.19 mln tonnes compared to the same period in 2023, and barley imports tripled to 2.71 mln tonnes.
In total, China imported agricultural products worth 234 bln USD in 2023.
Market participants expect that the rate of imports will increase in April, and the total volume of supplies in 2024 will correspond to last year. According to StoneX estimates, China will continue to buy high-quality milling wheat in Canada, the US and Australia to mix it with its own grain, the quality of which will be very low due to unfavorable weather conditions.
In January-February, China increased corn imports by 16% to 6.19 mln tonnes compared to the same period in 2023, and barley imports tripled to 2.71 mln tonnes.
In total, China imported agricultural products worth 234 bln USD in 2023.
22.03.2024
Grains and oilseeds: EU debates tariffs for Russian imports
BRUSSELS. Coceral has slashed the EU and UK production estimates for wheat and for rapeseed. Farmers will sow less corn this year in the US and Ukraine. China has tripled its imports of soybeans. Tariffs are a matter of debate for grains and oilseeds in Europe.
Heated debates over tariffs in Europe
Heated debates over import tariffs on grains and oilseeds from Russia and Belarus into the EU are underway. The EU would also like to limit duty free imports of agricultural products from Ukraine, wheat and barley are, however, not on the list. Brussel’s proposed “emergency brake” would limit import volumes to the averages recorded in 2022/2023. Russia wants to adjust the export tariffs for grains as world market prices have declined but will not abolish them since this would hit local producers...
Heated debates over tariffs in Europe
Heated debates over import tariffs on grains and oilseeds from Russia and Belarus into the EU are underway. The EU would also like to limit duty free imports of agricultural products from Ukraine, wheat and barley are, however, not on the list. Brussel’s proposed “emergency brake” would limit import volumes to the averages recorded in 2022/2023. Russia wants to adjust the export tariffs for grains as world market prices have declined but will not abolish them since this would hit local producers...
22.03.2024
EU rapeseed imports fall to third below previous year’s level
EU-27 rapeseed imports in the current 2023/24 crop year totalled 3.5M tonnes, a reduction of almost one third compared to the previous year’s volume, Germany’s Union for the Promotion of Oil and Protein Plants (UFOP) reported.
However, imports in the July-February period had risen substantially compared to the previous season, the 29 February report said.
In addition, a larger European Union (EU) rapeseed harvest had reduced demand, UFOP wrote.
According to research by Agrarmarkt Informations-Gesellschaft, in the current crop year, Ukraine has maintained its top position among key rapeseed suppliers to the EU despite the ongoing war.
With exports of 2.4M tonnes, just under 13% compared to the same period the previous year, Ukraine accounted for 67% of EU rapeseed imports to the EU, up from its 52% share in 2022/23.
Although Australia exported much less due to a smaller harvest, it retained its position as the second most important supplier to the EU with 768,000 tonnes and a 22% share of imports.
Last year Australia delivered 2M tonnes – more than twice the volume supplied in the current crop year, the report said.
At 42,500 tonnes, EU imports from Canada also dropped from the previous year’s total of 230,800 tonnes, lowering Canada’s share of total EU imports by 3% to 1.2%.
Moldova and Serbia increased rapeseed imports to the EU to 233,100 tonnes and 107,200 tonnes respectively.
However, as Moldova’s rapeseed production in 2023 totalled 75,000 tonnes, it could be assumed that most rapeseed exported to the EU from Moldova originated in Ukraine, the report said.
Against a backdrop of current debates relating to Ukrainian imports, UFOP said that to meet EU oil mills’ rapeseed requirements it was important that Ukraine maintained its position as a key rapeseed supplier.
However, imports in the July-February period had risen substantially compared to the previous season, the 29 February report said.
In addition, a larger European Union (EU) rapeseed harvest had reduced demand, UFOP wrote.
According to research by Agrarmarkt Informations-Gesellschaft, in the current crop year, Ukraine has maintained its top position among key rapeseed suppliers to the EU despite the ongoing war.
With exports of 2.4M tonnes, just under 13% compared to the same period the previous year, Ukraine accounted for 67% of EU rapeseed imports to the EU, up from its 52% share in 2022/23.
Although Australia exported much less due to a smaller harvest, it retained its position as the second most important supplier to the EU with 768,000 tonnes and a 22% share of imports.
Last year Australia delivered 2M tonnes – more than twice the volume supplied in the current crop year, the report said.
At 42,500 tonnes, EU imports from Canada also dropped from the previous year’s total of 230,800 tonnes, lowering Canada’s share of total EU imports by 3% to 1.2%.
Moldova and Serbia increased rapeseed imports to the EU to 233,100 tonnes and 107,200 tonnes respectively.
However, as Moldova’s rapeseed production in 2023 totalled 75,000 tonnes, it could be assumed that most rapeseed exported to the EU from Moldova originated in Ukraine, the report said.
Against a backdrop of current debates relating to Ukrainian imports, UFOP said that to meet EU oil mills’ rapeseed requirements it was important that Ukraine maintained its position as a key rapeseed supplier.
22.03.2024
"VegOils&Meals Trade", Seville, Spain
APK-Inform Agency invites you to VegOils&Meals Trade in Spain!
The international conference will traditionally be dedicated to the EU oilseeds and by-products market with a focus on premium vegetable oils.
The event will take place on June 14 in Seville, Spain.
New food and logistics challenges require modern and bold solutions!
Spain is one of the key players in the oilseed market in Western Europe and a place where important trade routes between Western Europe, North Africa, the Middle East and Latin America intersect.
In addition, Spain is one of the largest importers of soybeans (27% share), meals (14%) and vegetable oils (22%) among the EU countries.
In 2023/24 season, Spain became the fourth largest importer of Ukrainian sunflower oil among the EU countries (10% share; +64% y-o-y), in particular, it became the second largest buyer of high-oleic sunflower oil in the overall ranking of countries with a share of 17%.
Also, Spain accounts for 7% of the total exports of Ukrainian oilseed meals to the EU, in particular, the country became the second largest importer of Ukrainian rapeseed meal in 2023/24 MY.
Therefore, one of the important parts of the programme will be the discussion of the peculiarities of supply and consumption of vegetable oils and meals of the Black Sea origin to the Western European markets.
The international conference will traditionally be dedicated to the EU oilseeds and by-products market with a focus on premium vegetable oils.
The event will take place on June 14 in Seville, Spain.
New food and logistics challenges require modern and bold solutions!
Spain is one of the key players in the oilseed market in Western Europe and a place where important trade routes between Western Europe, North Africa, the Middle East and Latin America intersect.
In addition, Spain is one of the largest importers of soybeans (27% share), meals (14%) and vegetable oils (22%) among the EU countries.
In 2023/24 season, Spain became the fourth largest importer of Ukrainian sunflower oil among the EU countries (10% share; +64% y-o-y), in particular, it became the second largest buyer of high-oleic sunflower oil in the overall ranking of countries with a share of 17%.
Also, Spain accounts for 7% of the total exports of Ukrainian oilseed meals to the EU, in particular, the country became the second largest importer of Ukrainian rapeseed meal in 2023/24 MY.
Therefore, one of the important parts of the programme will be the discussion of the peculiarities of supply and consumption of vegetable oils and meals of the Black Sea origin to the Western European markets.