SUPPLY MARKET ASSESSMENT: OILSEEDS
Improvement in crop conditions in the first half of August in the US caused fresh declines, although it remains to be seen what impact the late-August US Midwest heat wave will have on the bean crop. soy sauce. On August 21, soybean futures on the Chicago Mercantile Exchange rose to their highest since July as extreme heat warnings were issued in many of the country’s main producing regions.
“Selective activity has also had an impact. While base prices have been more stable, US Gulf spot export quotes are 8% lower at $538 FOB.” According to the International Grains Council.
EU transport subsidies help improve Ukraine’s grain exports.
Recently, a senior Ukrainian official said that the decision of the European Commission to compensate Ukraine for the transportation of grain to European ports will improve the ability of Ukraine’s exports to remain uninterrupted. Accordingly, Ukraine will export through the ports of Germany, Italy, Latvia, Slovenia, and the Netherlands to final destinations around the world.
(Source: reuters.com)
High inflation worries the Indian government
India’s finance ministry said high inflationary pressures in India due to global instability and disruption caused the Reserve Bank of India. The Indian government said global uncertainty and domestic disruption could keep inflationary pressures high in the coming months, and the finance ministry expects pressures to ease after that. Recently, India imposed a 40% export tax on onions to support domestic supply after banning the export of non-basmati white rice last month. These are in addition to the wheat export ban imposed last year.
(Source: reuters.com)
China’s soybean imports move from the US to Brazil
Good crops and affordable prices led China to increase purchases of oilseeds from Brazil in July and reduce imports from US sources. Data showed that imports from the US fell 62% in July and increased 32% for sources from Brazil.
(Source: world-grain.com)
