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Morning round-up, Tuesday November 26


* Higher prices are expected to drive Indian buyers away from palm oil over the coming months in favour of sunflower oil and soyoil.


According to industry officials, the narrowing price gap between traditionally cheaper palm oil and other vegetable oils has allowed buyers in the country to make the shift to oils that consumers consider healthier, like soyoil and sunflower oil.




* EU lawmakers have voted in favour of an agreement to allow the US to make up more of the bloc’s current 45,000-tonne quota for hormone-free beef imports.


Under the EU’s new deal, which beef exporting countries like Australia, Uruguay and Argentina have agreed to, US beef will take up an initial 18,500 tonnes of the quota, increasing to 35,000 tonnes after seven years.


While the deal was approved by the EU parliament’s international trade committee, it still needs to be voted on by the rest of its members.


* A rail strike by 3,200 unionised employees in Canada is expected to slow down grain exports as loading vessels sit empty.


The strike, which entered its seventh day on Monday, has also led to fertilizer maker Nutrien announcing a shutdown of its largest potash mine in Rocanville.


Reuters reported that by Monday at least 35 shipping vessels, which are used to transport grains to international markets, were sitting empty in Canadian ports.




* Official data from the European Commission showed that the EU’s soybean imports for the 2019-20 season, which kicked off on July 1, had reached 5.4m tonnes by November 24.


That was up 1% compared to last year.


Soymeal imports for the period reached 7.6m tonnes, up 15% compared to the year before.


Palm oil imports dropped by 20% to 2.1m tonnes.



* The commission’s data also showed that the bloc’s soft wheat exports for the July 1 to November 24 period had reached 10.8m tonnes.


That was up 59% compared to the amount exported by November 18, 2018.


Barley exports reached 3.1m tonnes, up 41%.

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