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Sunday, 26 May 2019
Market Report May 2019
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General Oils and Fats complex

Soybean Oil

In the main cultivation areas in the Midwest, there have been heavy rainfalls in the recent days, so that the Mississippi has flooded the surrounding areas. Rainfall is significantly delaying farmers' sowing and further rainfall is predicted. To compensate these delays, a period of dry weather will be needed over the next three weeks. It is almost too late for maize sowing and market participants are hoping for a larger area for soybean sowing. However, time is running out. This outlook puts pressure on soybean quotations on the Chicago stock exchange, which were supported in recent days by hope for a positive end of the American-Chinese trade dispute. However, the conflict has escalated again because of the latest threat of additional tariffs on Chinese goods. The markets will therefore remain nervous in the next days.

Sunflower Oil

Sunflower oil

Sunflower oil remains interesting. Only the high oleic quality is practically no longer available until October. In the meantime, large contracts have already been concluded for the new harvest from October onwards, so that prices have now risen in the fourth quarter. Processing capacity will also remain an important (possibly limiting) factor for the new campaign apart from the crop size.

Rapeseed Oil

Rapeseed oil

In Europe, prices for rapeseed oil remained stable, since there is hardly any rainfall in the major growing regions. As a result, the already small harvest will continue to be negatively impacted. Experts are currently predicting an EU rapeseed harvest of 18 million tons, which would mean a decline of almost 10 % compared with the previous year's harvest. This would be the smallest harvest in the last thirteen years. In contrast, the Canadian canola quotation follows the recent downward trend for soy products. This is mainly due to the import ban from China, so that Canadian market participants are desperately looking for other distribution channels. In the short term, however, larger stocks are built up.

Key products from the GUSTAV HEESS production in the USA

Almond Oil

First predictions of the new harvest size have arrived. A respected broker estimated the crop to be around 2.53 billion lbs. Nevertheless we will have to wait for the almond board’s objective estimate to get a first reliable estimation. Due to the large amount of hectares, already a slight difference in yield/hectare has a big impact on the total crop size at the end. Sales are still good, even with lower sales to China due to tariffs.

Almond oil

Walnut Oil

The rain has stopped and the warm weather and sufficient water have brought out all the leaf’s of the Walnut trees.

Pistachio Oil

Demand is still very strong and the prices are stable.

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