From the GrainBoard desk
Our reading of grain and oilseed markets. Every figure comes from GrainBoard; every note is reviewed and signed.
Latest
Chinese crushers are sitting on far more beans, meal and oil than they usually hold in late October, yet US sales to China just jumped. The state is doing the buying, at a premium to Brazil, while the real's slide cheapens the crop private crushers will want next.
EU plants crushed more seed in September than a year earlier, and all of the gain went to sunflower and soybeans while rapeseed held flat with French silos fuller than last year. The plant margin, the winter biodiesel premium and cheap rapeseed oil all point the other way.
Diesel has nearly doubled since February while soybean oil gained a sixth, so US biofuel plants are now paid many times what they earned last year to burn it. They are using it faster than a full crush can refill the tank.
Malaysian palm oil stocks jumped 0.69 Mt in September to 3.51 Mt, the most in over a decade, as output surged and exports fell for a third month. Shipping enough just to hold stocks flat would take a monthly pace Malaysia has not reached in years.
