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Friday, 23 August 2019
Market Report


Market Report August 2019
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General Oils and Fats complex

Soybean Oil

The unfavorable weather forecasts for the mid-west continue to boost prices. Many market participants believe that the high temperatures and unusual drought could lead to lower yields. However, there is a wide gap in private sector forecasts, that the official USDA crop report is highly expected this week. On the other hand, the further intensifying trade conflict is putting pressure on soybean prices in the US as the Chinese government has prohibited the purchase of US soybeans following the US government's recent tariff increases. However, even larger quantities from the USA, which had already been traded before, have been shipped and are still on the way. Therefore, China will try to cover future demand in Brazil and South America. Soybean oil prices increased significantly in recent days as demand from the food market, but also from the energy sector in particular, continued to increase. Demand from biodiesel producers has increased in both the USA and Brazil. The shortage of sunflower oil from the former harvest is also leading to additional demand for soybean oil and palm oil.

Sunflower Oil

Sunflower oil

Exports from Ukraine continue to be strong. Russia reports lower exports. However, earlier dates have become tighter. The outlook for the new harvest remains good. Sunflower oil high oleic maintains high premiums on the standard quality, as demand continues uninterrupted. Many consumers have already purchased additional quantities in order to avoid supply shortages such as those experienced this year.

Rapeseed Oil

The European rapeseed harvest has again been corrected downwards. It is now assumed that 17.1 million tons of rapeseed will be harvested. Therefore, rapeseed oil holds its significant premium on soybean oil and could even expand it.

Vegetable Oils

Overall, it is likely that the upward trend in vegetable oil prices will continue in the coming months as supply on the world markets declines.

Key products from the GUSTAV HEESS production in the USA

Almond Oil

Everyone is excited for the harvest to start and to get precise figures of the crop size. Most recent estimations predict a smaller crop compared to last year.

Walnut Oil

Export shipments of walnuts are strong despite the tariff issue. Shipments to the Middle East and Africa have increased by 68% compared to last year. China shipments are down by 68% due to the tariffs, but Singapore, Taiwan, Malaysia, and Hong Kong have grown to keep the Asia market down only 6% from last year. The new crop is coming up and is so far looking stable.

Walnut

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