Comercio y mercados
 > Economic > Comercio y Mercado > Mercados de productos agrícolas > Indices de precios para las semillas oleaginosas y productos derivados
 

Last Update: septiembre 2017

Comentario sobra la reciente evolución de los índices de precios

(disponible sólo en inglés).

In August, FAO’s price indices for oilseeds and oilmeals fell by around 5 and 4 points respectively (or 3.5 and 2.4 percent). By contrast, the vegetable oils index gained 4 points (or 2.5 percent), after declining in the two preceding months. All three indices fared below the level recorded in the corresponding month of last year.

The global market for oilseeds and oilmeals was mainly characterized by falling international soybean prices:  month-on-month, the value of soybeans (the dominant component in the oilseed index) dropped by 4.4 percent, mainly in response to new crop forecasts for the United States. Notwithstanding mixed and partly unfavourable weather conditions in July and part of August, USDA raised its forecast for the country’s 2017/18 crop by as much as 3.3 million tonnes (or almost 3 percent) on improved weather conditions towards the end of August, which raised yield expectations. As a result of this revision, the FAO forecast for global 2017/18 soybean production was lifted to levels closer to the 2016/17 all-time record. Rising export availabilities in South America also weighed on international soybean prices. However, the downward pressure on prices was capped by persistently firm import demand from China and concerns about weather developments in the coming weeks, i.e. when northern hemisphere crops will approach the harvesting stage and soy plantings are set to begin in the southern hemisphere. As to the other oilseeds, rapeseed prices kept strengthening as production prospects in two major producing countries, Canada and Australia, deteriorated on adverse weather conditions. Based on the latest forecasts, global rapeseed output was lowered to a six-year low, pointing to another tight season in 2017/18. With respect to oilmeals, the prospect of ample availabilities of soybean – predominantly a meal crop – took its toll on international oilmeal prices. Also contributing to the retreat in global meal values where a slackening in world import demand for soybean meal (fueled in part by ample availabilities of feed grains and maize by-products) and a surplus of soybean meal in the United States (where crushing has been primarily driven by demand for oil).

As to vegetable oils, the latest appreciation in the price index reflects rising quotations for palm oil as well as the other major oils. International palm oil values strengthened on smaller than expected production in Southeast Asia and steady global import demand, which slowed down the replenishment of stocks in producing countries. Regarding imports, international demand was underpinned by the improved competiveness of palm oil relative to soy oil. Prices for the latter strengthened, posting a 7-month high, notwithstanding the promising global production outlook. Soyoil prices mainly appreciated in response to adjustments in the United States’ biodiesel import policy that are expected to spur domestic soy oil uptake. Rapeseed and sunflower oil values, on the other hand, firmed on lower than expected global availabilities. The anticipated drop in global supplies of high oil-yielding oilcrops (especially rapeseed) was seen to increase the market’s reliance on palm and soy oil in 2017/18, possibly underpinning prices for both oils..  

  

 

 

Components of the oilseeds price index: Soybeans, US, cif Rotterdam; Copra Phil./Indo., cif NW Eur. port; Rapeseed, Europe, 00, cif Hamburg; Linseed, Canada, No.1, cif NW Eur. port; Sunseed, EU, cif Rotterdam (please note that sunseed has been added to the index only in January 1976).

Components of the oils/fats price index: Soybean oil, Dutch , fob ex-mill; Sun oil, EU, fob NW Eur. port; Rape oil, Dutch, fob ex-mill; Groundnut oil, any origin, cif Rotterdam; Cotton oil, US, PBSY, fob Gulf; Coconut oil, Phil./Indo., cif Rotterdam; Palmkernel oil, Mal./Indo., cif Rotterdam; Palm oil crude, cif NW Eur. port; Linseed oil, any origin, ex-tank, Rotterdam; Castor oil, ex-tank Rotterdam.

Components of the meals/cakes price index: Soy meal, 44/45%, fob ex-mill Hamburg; Sun pell., 37/38%, Arg., cif Rotterdam; Rape meal, 34%, fob ex-mill Hamburg; Copra exp. pell., Phil., domestic; Palmkernel  exp., 21/23%, cif Rotterdam.