International Edible Oil Market Report 19th August 2019


EDIBLE OIL MARKET TOP STORY

The lighter volumes today suggested farmers were increasingly busy with the cereal harvest and the start of the canola harvest, according to a trader. As the Pro Farmer Crop Tour got underway today in the United States Midwest, the trader commented the first day’s findings could push canola prices down directly or through spillover from Chicago.

There were 7,485 contracts traded on Monday, which compares with Friday when 11,459 contracts changed hands. Spreading accounted for 2,480 contracts traded.Settlement prices are in Canadian dollars per metric tonne. SOYBEAN futures at the Chicago Board of Trade (CBOT) were lower on Monday, as buying was limited. Also, the risk premiums were removed as there were fewer concerns about the weather.

CBOT Soybean

Month Open High Low Last In PKR Change
Sep 19 862.25 865.00 852.00 854.00 13755.00 932.00
Nov 19 874.75 877.75 864.50 866.50 77683.00 3444.00
Jan 19 888.50 891.25 878.50 880.50 13674.00 -955.00
Source: CBOT Dated: August 19, 2019

CBOT Soybean Oil

Month Open High Low Last In PKR Change
Sep 19 29.07 29.14 28.53 28.68 12669.00 -955.00
Oct 19 29.19 29.27 28.64 28.80 8864.00 1224.00
Dec 19 29.44 29.52 28.88 29.04 44809.00 -1025.00
Source: CBOT Dated: August 19, 2019

CBOT Soy Meal

Month Open High Low Last In PKR Change
Sep 19 293.50 295.20 291.40 292.00 17766.00 -1976.00
Oct 19 295.40 297.00 293.20 293.90 11400.00 1420.00
Dec 19 298.90 300.50 296.60 297.20 38795.00 1233.00
Source: CBOT Dated: August 19, 2019

CBOT Corn

Month Open High Low Last In PKR Change
Sep 19 367.25 368.25 363.25 365.00 108781.00 -16283.00
Dec 19 377.00 378.25 373.25 374.50 187487.00 7322.00
Mar 19 389.25 390.00 385.75 387.00 36109.00 5619.00
Source: CBOT Dated: August 19, 2019

CBOT Canola

Month Open High Low Last In PKR Change
Nov 19 452.70 452.70 450.00 450.20 9217.00 599.00
Jan 19 458.80 459.80 457.40 457.70 2881.00 437.00
Mar 19 464.40 466.20 464.00 464.30 372.00 -83.00
Source: CBOT Dated: August 19, 2019
DEVELOPING NEWS

Ahead of this afternoon’s weekly crop progress report from the United States Department of Agriculture (USDA), market predictions pegged soybeans to increase one to two per cent from last week’s 54 per cent good to excellent condition. The report will be released at 3 pm CDT.

Soy Complex

  • Results from day one the ProFarmer Midwest Crop Tour will be out later tonight. Many of the fields were still blooming, resulting in incomplete pod counts. SEP 19 Soybeans closed at $8.54, down 13 1/4 cents, NOV 19 Soybeans closed at $8.66 1/2, down 13 1/4 cents, JAN 19 Soybeans closed at $8.80 1/2, down 13 cents, MAR 20 Soybeans closed at $8.93 3/4, down 12 3/4 cents, SEP 19 Soybean Meal closed at $292.00, down $2.90, SEP 19 Soybean Oil closed at $28.68, down $0.45
International Edible Oil Market Report 19th August 2019

Corn Market

  • USDA Export Inspections data showed 510,334 MT of corn shipped in the week that ended on August 15. That was down 30% from the week prior and roughly half of the same week last year. Sorghum shipments to China totaled 50,002 MT. SEP 19 Corn closed at $3.65, down 6 cents, DEC 19 Corn closed at $3.74 1/2, down 6 1/4 cents, MAR 20 Corn closed at $3.87, down 5 3/4 cents MAY 20 Corn closed at $3.94 1/4, down 5 3/4 cents
International Edible Oil Market Report 19th August 2019

Canola Market

  • Intercontinental Exchange (ICE) Futures canola contracts were lower on Monday, caught up in a slide in the Chicago soy complex.Also, European rapeseed and Malaysian palm oil lost ground, which further weighed on canola.After parts of the Prairies received rain over the weekend, the MarketsFarm forecast has called for warm temperatures this week. Cooler temperatures are to follow along with the chance of frost. A weather premium has remained on bids as frost becomes more likely.
International Edible Oil Market Report 19th August 2019

BMD - CPO CLOSING

Contract Change Last Open High Low Settle
Sep 19 16.00 2121.00 2109.00 2122.00 2102.00 2105.00
Oct 19 4.00 2133.00 2138.00 2150.00 2126.00 2129.00
Nov 19 3.00 2159.00 2161.00 2174.00 2150.00 2156.00
Dec 19 3.00 2185.00 2186.00 2200.00 2178.00 2182.00
Jan 19 4.00 2213.00 2214.00 2226.00 2206.00 2209.00
Source: BMD Dated: August 19, 2019

CPO Closing Commentry (19 Aug 2019)

Soybeans futures ended Monday’s trade session 12 3/4 to 13 1/4 cents lower. Meal futures were down $2.90/ton and soy oil 45 points lower. The US soybeans crop progress data shows 90% of the crop blooming (96% avg), with 68% setting pods (85% avg). Condition ratings were down 1% to a 54% g/ex rating, with a Brugler500 index rating 2 points lower at 344. This morning’s Export Inspections report indicated that 1.16 MMT of soybeans were shipped in the week that ended on August 15. That was a 22% higher than the week prior and a 75% increase over the same week in 2018. A total of 551,235 MT was headed to China.

Conversation Rates in PKR

Month Sell Buy
USD 159.00 158.50
GBP 193.25 192.61
Euro 176.36 175.79
MYR 38.16 38.00
Source: NBP Dated: August 19, 2019

Pakistani Local Soft Oil Prices / Maund as on (19 Aug 2019)

RBD Palm Oil 4700
RBD Palm Olein 4710
Banola Oil - Multan 4950
Sunflower Oil - Multan
Rapseed - Multan
Canola Oil - Multan
Soybean Oil - Multan

Malaysian Palm Product Crop Data as on (10 Jul 2019)

Month Production Stock Export
July 19 1,738,356 2,391,677 1,485,216
June19 1,510,835 2,410,746 1,383,216
Percent % +5.75% +3.02% +1.39%

CPO News (19 Aug 2019)

Corn futures were down 5 3/4 to 6 1/4 cents on Monday as rains rolled across most of the Corn Belt over the weekend. The weekly Crop Progress report indicated that 55% of the US corn crop was in the dough stage (76% avg), with 15?nted (30% avg) as of Sunday. Condition ratings slipped 1% to 57 % gd/ex, with the Brugler500 Index down 2 points to 349. The ProFarmer Midwest Crop Tour is underway on both the western and eastern ends of the Corn Belt.