Germany: Soy rates drive oil meal prices up

Published Jan 13, 2021

Tridge summary

Recent developments in Chicago's agricultural market have led to a notable increase in the prices of soy meal, impacting the local cash market and causing a surge in the cost of soy and rapeseed meal, especially GMO-free varieties. This trend, driven by concerns over potential crop losses due to drought in South America and supply issues in Argentina and Brazil, has also resulted in heightened interest in GMO-free soy meal from other countries. Consequently, rapeseed meal prices have also risen, making it a more economical option compared to GMO-free soy meal. The Union for the Promotion of Oil and Protein Plants e.V. (UFOP) highlights the nutritional benefits of rapeseed meal, particularly for cattle feeding, and emphasizes the potential of domestic protein sources to support the EU Commission's 'farm-to-fork strategy'.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

01/13/2021 | 16:20:00 | ID: 29632 | Department: Agriculture | Agrarwirtschaft Berlin (agrar-PR) - Soy meal prices in Chicago have strengthened significantly in recent months, resulting in rising soy and rapeseed meal prices on the local cash market. At the same time, demand for GMO-free soy meal was brisk. The prices for rapeseed meal and especially for GMO-free soybean meal rose sharply in the second half of 2020. At the beginning of the marketing year, in July 2020, GMO-free soy meal with 48% crude protein (RP) still cost 456 EUR / t fob Hamburg, six months later it was around 146 EUR / t more at 602 EUR / t. The equivalent of one percent protein per ton at the beginning of January 2021 cost around EUR 4.60 compared to EUR 3.10 at the beginning of July 2020, triggered by sharp price increases in Chicago, driven by concerns about drought-related crop losses in South America. In addition, the soy meal supply in Argentina is dwindling, which is fueling concerns about supply ...

Source: Agrar