Conference Proceedings: Partnered by – Reshamwala Shipbrokers Presentation by:Gavin Maguire Asia Commodities Editor in Charge,Thomson Reuters Globoil India 2015, September 30, 2015 Mumbai
GLOBAL OILSEEDS OUTLOOK Opportunities & Threats on the Horizon Presentation by: Gavin Maguire Asia Commodities Editor in Charge Reuters September 30, 2015 Mumbai
The Big Picture: Global oilseed output slips, but stocks still at record
World Oilseed Balance Sheet: Super-sized soybean surplus
Asia Oilseed Balance Sheet: Soybean imports set for new record
China Oilseed Balance Sheet: Soybean usage share at new record
Brazil – China Trade Route Getting more efficient every year
China Soybean Imports From Brazil Set new record in 2015
China’s Price Perspective: Imported soybeans 60% cheaper than domestic
Brazil’s Price Perspective: Weak currency pushes local prices higher
China Soy Crush Margins Turn Negative But hog margins hold near record highs
China Imports Cool as Stocks Climb China soy imports dip from record high
China Imports Enter Slow Season China soybean imports tend to cool in Sep/Oct
Soybeans Secure Top Spot in Oilseeds Soy Stocks +80 Mln T > Rapeseed Stocks
It’s A Relative Thing Will soybeans regain $ discount vs canola?
Oilseed Price Performance in 2015
‘Soft’ Oilseed Prices Actually better than many other commodities
So How Low Can Soy Futures Go? It depends on lots of things, like the oil price…
And Commercial Hedgers (Will they go heavily short futures at harvest?)
Massive soybean stocks may keep growing as Brazilian farmers get signal to plant more Top buyer China in slowdown mode as crush margins go negative and economic worries bite Soybean price action more a relative thing vs canola, but if oil goes below $40/barrel beans can go below $9/bushel… BUT: 1.1 billion pigs, 150 million cattle & 1.3 billion people need to eat. Every day. CONCLUSION
Thank You! Any Questions? Contact details: Tel:
BRIEF INDIA OILSEED OUTLOOK FOLLOWS:
India Oilseed Balance: Cottonseed use big; stocks small
India Veg Oil Balance Palm oil import bill looking expensive?
India Oilseed Meals: Soymeal demand accelerates, overtakes cottonseed
Meal Exports Have Room to Grow Soymeal, rapemeal exports have potential
India Meal Prices: Long-term uptrend in place on rising demand
Meal Price Performance in 2015 Cottonseed meal outperforms
Conference Proceedings: Partnered by – Reshamwala Shipbrokers