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Thursday, 17 August 2017
Market Report


Market Report August 2017
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General Oils and Fats complex

Soybean Oil

soybean

The latest weather predictions for the Middle West of the USA were favorable for the soybean and corn harvest. However, the crop forecasts are rather unequal, since the soil in some regions of the East were too wet and on the other hand in parts of Dakota, Illinois and Iowa too dry. The soybean oil prices have been stable in the recent days at the US exchange stock in Chicago, because a US court dismissed a claim of the EPA for the reduction of the biodiesel blending rate in bio fuels (biodiesel and bio ethanol). The huge demand for biodiesel in Europe increases price level, too. The strong Euro has a downward effect, however.

Sunflower Oil

sunflower

The coming harvests in Russia and the Ukraine are still expected to be good. Russia even expects a record harvest of 11.5 million tons. The high stocks in Europe (Rotterdam) and the weaker US Dollar also lead to an attractive price. The premium for high oleic sunflower oil (on top of the linoleic quality) is going to be by 20-30 €/ton higher.

Rapeseed Oil

The rapeseed oil market is rather quiet. The harvests in Europe are brought in by almost two third now and several analysts increased their crop estimation to 22 million tons. The yield is more or less as expected with slightly better figures in France and slightly poorer figures in Germany and Poland. The Canadian and Australian crops are suffering from the extraordinarily warm and dry weather conditions and are going to be smaller than the previous year. Therefore, rapeseed oil pricing will remain stable and keep the premium on soybean oil.

Olive Oil

Olive

The extreme heat and drought in Spain will have a negative impact on the olive harvest. First production forecasts are at approx. 1.1 million tons of olive oil for the harvest 2017/2018, which is a reduction of 180,000 tons compared to the last year. On the other hand, the situation in Italy, Greece and Tunisia is better than the year before, so that the Spanish reduction can partly be compensated.

Key products from the GUSTAV HEESS production in the USA

Almond Oil

Even with the largest predicted crop of California Almonds ever, prices remain constant and carryover from last year’s crop remains at very manageable levels. 2017 crop is predicted to be 2.25 billion lbs. Harvest has begun at many orchards around the state. Numerous almond huller and shellers are starting up next week (the 7th). Harvest will continue for the next month.

Walnut Oil

It is too early to have reliable predictions about the harvest, strong sun could still burn the nuts on the trees leading to darker nuts which are undesirable in the food market. Shellers are expecting to startup around mid-September.

Pistachio Oil

Pistachios are alternate year trees – meaning with last year’s record crop in California, a lot of farmers are afraid of a bad crop this year. But as most pistachios are grown in the southern Valley, where many trees didn’t have water allocations due to the drought last year, this might not be the case.

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