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Monday, 20 January 2020
Market Report December 2019
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General Oils and Fats complex

Soybean Oil


The commodities have become firm in the last twelve months. For example, palm oil increased by almost 50 % in comparison to the previous year, coconut and palm kernel oil by 25 % and soybean as well as sunflower oil by 15 %. The soybean quotes at the exchange stock in Chicago have also increased in the last weeks and the previous losses were compensated, since the bigger short positions were reduced. The conciliatory tone between the USA and China regarding the trade dispute led to firmer prices, too. However, the further impacts of a potential agreement on the soybean market are still uncertain, since China meanwhile built up stocks and more quantities from South America are on their way. Thus, there is rather low pressure on China. Generally, all seed oils are benefitting from the upward trend of palm oil. In many countries, such as Morocco palm oil is replaced by soybean oil more and more.

Sunflower Oil

The processing of the current sunflower harvest in Russia and the Ukraine is running on full capacity. However, the sunflower oil prices also increased due to the upward trend of the other vegetable oils. Additionally, full capacity use of refineries in Middle and Southern Europe supports this trend as well.


Rapeseed Oil

Rapeseed oil is quoted at a firm price due to the good demand from the biodiesel sector and the food industry. Moreover, the coming EU rapeseed harvest early summer will be only slightly bigger than the last one. Specialists expect an increase by 300,000 tons to 17.5 million tons. Therefore, there is also no pressure on latter positions.


Olive Oil


The crops in Europe have commenced with a small delay. Italy as well as Greece are expecting considerably higher volumes than the previous year. Tunis also reports a good harvest. Only Spain expects a reduction by 25 % compared to the record harvest of last year. However, there are still high stocks at around 500,000 tons in Spain of the former crop, which leads to price pressure. Spanish olive farmers have already protested against the massive price decrease and the EU commission is discussing about further supporting actions. In the coming season 2019/2020 there will be very few quantities of sensorial high quality oil and therefore there are significant price differences between prices for the current and the former crop oil. The latter has already partially lost its sensory and can already show defects.

Key products from the GUSTAV HEESS production in the USA

Almond Oil

Carry forward from 2018 crop is way down, only 318 millions lbs compared to 359 million lbs the previous year. Crop receipts are higher than last year, but the official total crop size is still not released.

Walnut Oil

In shell orders are down as it seems like people want only shelled walnuts.

Pistachio Oil

Still no official crop size, but quality appears to be very good.

Market report as PDF-file
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