REGISTRATIONS OPEN

from OFI May 2023

Going lecithin-free

16th INTERNATIONAL RAPESEED CONGRESS 24 - 27 September 2023

GLOBAL CROP - GOLDEN OPPORTUNITIES www.ircsydney2023.com

The 16th International Rapeseed Congress, jointly hosted by GCIRC and the Australian Oilseeds Federation, will be held in Sydney in September 2023 and you are cordially invited! With a program covering 6 Core Themes over 3 full days, together with a pre-congress field trip, the 16th IRC will be the major global canola/rapeseed meeting of 2023.

Prices of selected oils (US$/tonne)

Statistical News

Peanut oil

The Chinese peanut oil price fell by 2.8% month-onmonth (m-o-m) to ¥26.77/kg on 12 April, attributable to expectations of a year-on-year (y-o-y) increase in domestic output this season. According to the US Department of Agriculture (USDA), Chinese peanut oil output for this season is estimated to increase by 2% y-o-y to 3.3M tonnes. While this has limited upside movements to domestic prices, a 0.6% m-o-m decline in global production estimates, has tightened global supplies. Production declines are expected in Argentina, India and the USA this season, which is likely to reduce global exportable supplies. Unseasonal rainfall in Gujarat state in top peanut oil exporter India and a decrease in planted area have led to production declines.

Sunflowerseed and sunflower oil

The Mintec Benchmark Prices (MBP) for sunflower oil FOB Northwest Europe (6 ports option), declined by 9.1% m-o-m to €919.54/tonne on 14 April due to limited buying interest and a supply glut. High stock levels have built up as a result of large sunflowerseed purchases from Ukraine as the country has limited crushing ability due to the ongoing war with Russia. This has led to waning demand for sunflowerseed and oil over the past months, with the Russia-Ukraine conflict remaining the key market driver in these markets. On 18 March, the grain corridor deal allowing for exports from the Black Sea region was extended, albeit with little clarity on its length.

According to the USDA, global sunflowerseed supply for the 2022/23 marketing year (MY) is expected to decline by 11.9% y-o-y to 50.4M tonnes due to a significant reduction in output from Ukraine (–40.6% y-o-y) on the back of destruction of planting areas. Russia, on the other hand, is expected to produce a record crop this season, up by 4.4% y-o-y to 16.3M tonnes.

Butter

Butter demand fell markedly during March/April, with prices falling 2.7%, to €4,550/tonne as of 12 April. According to market sources, buyers covered their demand for March in January, when price levels were low. Increasing production supported a build-up of butter stocks across the EU, and increasing milk fat availability supported the production of butter. Seasonal increasing milk intakes and milk solids led to better availability of milk fat throughout March, with butter production expected to increase as a result. The USDA forecasts that global butter output will rise in 2023, marking the sixth consecutive year that production has increased globally. It is anticipated that output from India, the world’s biggest supplier of butter, will continue to expand this year.