
scorpiusuk
no let up in soybean/veg oil market
European and UK soybean oil prices continued to move
higher over the past week following tight availability in
the EU market and gains in the futures market, gains in
the crude (mineral) oil market and strength in competing
world veg oil markets. The Chicago soybeans futures rose to
its highest level since June 2014, on concerns over extremely tight
soybean supplies due to continued harvest delays in Brazil
and concerns over dry weather conditions in Argentina,
which could see production prospects fall in the coming
months. There have been many weather problems in South
America this year with dry weather conditions delaying the
soybean planting in Brazil and Argentina in late 2020 and
more recently by heavy rains which are now delaying the
Brazilian harvest and possibly causing some damage to the
crop. Weather problems have caused a significant fall in
soybean production prospects in the US and South America
over the past 7-8 months, by over 20 million tonnes, from
initial forecasts