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Veg/Soya oil Prices

European and UK soybean oil prices rose over the past week following gains in the Chicago futures market with European markets supported by strong demand with many refiners well committed through to June-July. World markets are still dominated by strong demand for soybeans, particularly from China as well as demand for soyoil in world biodiesel markets. Weekly export sales are low for the US as most demand has switched to South America, but US soybean stocks are still at extremely low levels and we could see some imports from South America in the coming months to supplement supplies. Some underlying support is coming from concerns over weather conditions in both South and North America, but the harvest is pretty much complete in Brazil. However, there are mixed reports over weather conditions in the US with generally favourable conditions in the central and southern Midwest but there are concerns over dry conditions in northern parts of the Midwest as well as the great plains.

However, the dry conditions are allowing some record planting progress in the US (but more rains will be needed to ensure crop development). We should see an update this evening, but last Monday’s USDA crop progress report showed that 67% of corn crop was planted as of 8th May, compared to the five-year average of 52%. The report added that 42% of soybeans were also planted, compared to the usual rate of 22%, with 10% now emerged, compared to 4% on average. Some pressure hit the Chicago markets from some better-than-expected data from the monthly USDA supply and demand report.


Crush However, the dry conditions are allowing some record planting progress in the US (but more rains will be needed to ensure crop development). We should see an update this evening, but last Monday’s USDA crop progress report showed that 67% of corn crop was planted as of 8th May, compared to the five-year average of 52%. The report added that 42% of soybeans were also planted, compared to the usual rate of 22%, with 10% now emerged, compared to 4% on average. Some pressure hit the Chicago markets from some better-than-expected data from the monthly USDA supply and demand report

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2018-19 2019-2020 20-2120 21-22

Area Planted acreage Million acres 89.2 76.1 83.1 87.6

Harvested acreage Million acres 87.6 74.9 82.3 86.7

Yield per harvested acre 50.6 47.4 50.2 50.8


US Soybean

Production Million tonnes 120.52 96.67 112.55 119.88

Exports Million tonnes 47.68 45.78 62.05 56.47

Crush Million tonnes 56.94 58.91 59.6 60.56

Stocks Million tonnes 24.74 14.28 3.25 3.81


Other soybean

World production Million tonnes 361.04 339.42 362.95 385.53

Brazil Million tonnes 119.7 128.5 136 144

Argentina Million tonnes 55.3 48.8 47 52

China Million tonnes 15.97 18.1 19.6 19

Paraguay Million tonnes 8.52 10.1 9.9 10.5



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