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Oilseeds World Markets and Trade Report October 2008
While Brazil is seeing a domestic growth in soybean meal and oil, because of a growth in production of pig meat and poultry, Argentina has seen its exports fall, according to the Oilseeds World Market and Trade Report by the USDA Foreign Agricultural Service for October, writes Chris Harris, Senior Editor, TheBioenergySite.
Brazil's Soybean Export Growth Limited by Expanding Domestic Use
Brazil's soybean exports have stagnated in recent years as domestic use of soybean meal and oil has grown.
Brazil has emerged showing the second largest growth in soybean meal use, accounting for 14 per cent of total growth in global soybean meal consumption.
A growing economy and expanding exports of pork and poultry are driving consumption.
Rising biodiesel production, which has gone up 12-fold since 2006, is adding significantly to soybean oil consumption growth.
The increase in the admixture mandate to three per cent, which came into force in July, is expected to accelerate the expansion in biodiesel production and soybean oil use.
Oilseed: Key Changes October 2008
Argentine soybean crush has been reduced for 2007/08 and 2008/09 as export demand for soybean products fall. Weaker than expected demand for soybean meal and oil resulted in a lowering of the crush for 2007/08 and 2008/09, the USDA FAS report says.
The crush was reduced by 0.45 million tonnes for 2007/08 and 0.5 million tonnes in 2008/09.
Argentina's 2008/09 soybean export forecast has increased by 0.5 million tonnes because of tight supplies in the United States and Brazil.
The EU27 soybean imports are have gone down for 2007/08 and 2008/09.
Imports for 2007/08 are down by 0.4 million tonnes to 15.0 million tonnes based on the first 10 months of imports and on lower shipments out of key exporting countries.
For 2008/09, imports are expected to be down by 0.2 million tonnes to 14.2 million tonnes mainly because of increased rapeseed and sunflower seed supplies.
The projected lower imports reduce the soybean crush to 13.5 million tonnes.
Ukraine's 2007/08 sunflower seed meal exports, exports mainly to the EU and other neighboring countries, are up by 0.2 million tonnes to 1.3 million tonnes, because the first 10 months of exports exceeded the current projection.
Global 2008/09 palm oil trade estimates are have been reduced, the report says.
China and India's palm oil import forecasts have gone down by 0.3 and 0.1 million tonnes, respectively at the same time 0.2 million tonnes of exports were removed from both Malaysia's and Indonesia's forecasts.
The 2008/09 soybean oil import forecast for China has been reduced by 0.1 million tonnes because of a slow down in China's total vegetable oil consumption growth.
Further Reading
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October 2008
