News
13.01.2010
Oil World sees slowdown
US soyabean exports are likely to slow down in the next three months as new crop supplies from South America enter global markets faster than normal but US soyaoil exports will remain high, Hamburg-based oilseeds analysts Oil World forecast on Tuesday. "US soyabean exports are likely to slow down notably in the January-March 2010 quarter due to increasing South American supplies," it said.
"In Brazil, farmers planted a larger area with early-maturing soyabeans and we expect that relatively large quantities of new-crop soyabeans will already become available in January and that Brazilian soyabean exports will be higher than last year in January-February 2010."
Prospects for the early 2010 soyabean crop in Brazil and Argentina have improved and there are indications of late extra sowings in Argentina as farmers seek to cash in on attractive world prices, it said. "We expect that US soyabean exports to China will slow down pronouncedly in coming months after the record shipments in preceding weeks," it said.
China's decision to introduce soyabean import licences from January may initially reduce buying by the leading importer, it said. "Although this is not expected to be a major issue, the new regulation may slow down imports initially," it said. US soyameal exports were also likely to start slowing in January as South American supplies increase but the outlook for US soyaoil exports was more positive with past sales still to be shipped, it said.
"We expect US soyaoil exports to remain high in January-March 2010 and probably surpass the level registered last quarter," it said. "India could be an important destination for US soyaoil, considering that Indian buyers purchased 66,000 tonnes of US soyaoil so far this season, with none of it shipped in October/December 2009." US December 2009 soyaoil exports shot up to 145,000 tonnes from only 54,000 tonnes in December 2008, Oil World estimates. This brought US October-December 2009 soyaoil exports to 431,000 tonnes against 163,000 tonnes in the same 2008 period, it estimates.
Reuters
