HAMBURG, April 23 (Reuters) - Global
soymeal supplies are likely to remain tight into May and possibly even June
because of a slow start to exports of South America’s new soybean crop this
year, Hamburg-based oilseeds analysts Oil World said on Tuesday.
Consumers of soymeal, a major animal
feed, have been awaiting large exports of new crop Argentine and Brazilian
soybeans in early 2013 to relieve a tight global market. Prices hit record
highs in September 2012 as drought hit the U.S. crop.
“Arrivals of soybeans and products
in the importing countries will remain insufficient in April and partly also in
May as a result of the continuing severe reduction of exports in March,” Oil
World said.
“This affects primarily consumers of
soymeal, reflected in the unusual strength of soymeal prices for prompt
delivery,” the firm added.
New crop exports from Brazil have
been limited by congestion in Brazilian ports, while Argentine farmers have
been reluctant sellers in the face of uncertain government policy.
Nearby prices for soymeal were
strong in the European market on Monday on worries that congestion in Brazilian
ports could lead to a supply squeeze.
The European Union is the main area
suffering from reduced South American soymeal exports, Oil World said.
“On the European market, the small
arrivals in recent months and the still-delayed shipments from South America
have created a severe shortage in the nearby (delivery positions),” it said.
“A notable improvement of soymeal
supplies in Rotterdam and other European trading spots may not occur before
June.”
