November 24, 2008

                                  
ASA weekly: EU to grant default approval to GM soy
                     
 

Following EU's lack of consensus agreement last week to allow imports of a GM soy variety developed by Monsanto, the European Commission (EC) will likely grant it a default approval in the next weeks.

 

The second-generation GM soy known commercially as Roundup Ready2Yield is designed to resist glyphosate Roundup Ready herbicides and ups yields for farmers. Largely believed to be safe, it will receive a go-ahead on a default 10-year approval.

 

Monsanto's application was forwarded to the EC (executive arm of the EU) after a meeting of EU national experts in September failed to reach agreement. There were 13 countries in favor of approval, namely Belgium, Britain, Bulgaria, Denmark, Estonia, Finland, Portugal, Romania, Slovakia, Spain, Sweden, the Czech Republic and Netherlands. Austria, Cyprus, Greece, Hungary, Lithuania, Luxembourg, Malta and Poland voted against. The rest did not vote.

 

Europe's livestock and feed manufacturing industries are heavily reliant on soy and its products for protein-rich feed. Hence there is a fear that a lack of approvals on biotech soy being used by the main producing countries could result in imports being impossible because of the EU's zero-tolerance stance over cross contamination.

 

U.S. & South America Soybean/Products Balance

 

United States 

Argentina

Brazil

 

Actual

Estimate

Proj.

Actual

Estimate

Proj.

Actual

Estimate

Proj.

 

Jul 6

Aug 7

Sep 8

Jul 6

Aug 7

Sep 8

Jul 6

Aug 7

Sep 8

Soybeans

thousand tonnes

 Carryin

12,229

15,617

3,811

334

1,876

680

2,252

3,110

3,235

 Production

86,770

70,358

79,848

48,800

46,500

50,500

59,000

61,000

62,500

 Imports

246

272

272

2,336

3,325

3,450

108

150

160

 Crush

49,198

49,396

48,580

35,962

36,400

37,890

31,511

32,400

32,500

 Exports

30,428

31,434

27,216

12,132

13,100

14,100

23,805

25,650

27,500

 Other

4,002

1,606

4,469

1,500

1,521

1,550

2,934

2,975

3,025

 Usage

83,628

82,436

80,265

49,594

51,021

53,540

58,250

61,025

63,025

   Carryout

15,617

3,811

3,666

1,876

680

1,090

3,110

3,235

2,870

Soymeal

thousand tonnes

 Carryin

285

314

272

2,003

1,144

1,610

863

1,563

2,263

 Production

39,058

39,022

38,469

27,856

28,621

29,745

24,420

25,130

25,190

 Domestic use

31,184

30,618

30,844

617

640

696

11,520

12,155

12,550

 Net Exports

7,845

8,446

7,652

28,098

27,515

29,000

12,200

12,275

12,970

 Usage

39,029

39,064

38,496

28,715

28,155

29,696

23,720

24,430

25,520

   Carryout

314

272

245

1,144

1,610

1,659

1,563

2,263

1,933

Soybean oil

thousand tonnes

 Carryin

1,365

1,399

1,195

487

310

331

300

341

336

 Production

9,294

9,498

9,231

6,917

6,958

7,245

6,050

6,220

6,240

 Domestic use

8,420

8,368

8,324

580

995

1,170

3,550

3,895

4,048

 Net exports

840

1,334

1,043

6,514

5,942

6,035

2,459

2,330

2,190

 Usage

9,260

9,702

9,367

7,094

6,937

7,205

6,009

6,225

6,238

   Carryout

1,399

1,195

1,059

310

331

371

341

336

338


USDA Export Sales (tmt) - Week of 13 November 2008

 

 

New

Accum.

 

 

 

New

Accum.

Country

Commodity

Sales

Exports

 

Country

Commodity

Sales

Exports

China

Soybeans

469.30

3811.90

 

Honduras

Soymeal

6.50

18.10

Colombia

Soybeans

6.00

23.50

 

Jamaica

Soymeal

0.80

17.30

Germany

Soybeans

76.70

309.90

 

Mexico

Soymeal

26.60

213.80

Japan

Soybeans

25.80

481.90

 

Panama

Soymeal

1.50

25.50

Korea, Rep.

Soybeans

2.70

114.30

 

Philippines

Soymeal

0.80

12.60

Mexico

Soybeans

122.20

661.50

 

UAE

Soymeal

7.00

0

Netherlands

Soybeans

59.60

190.40

 

Costa Rica

Soyoil

1.50

0

Philippines

Soybeans

1.00

4.50

 

Jamaica

Soyoil

3.10

0

Spain

Soybeans

2.40

159.90

 

Nicaragua

Soyoil

1.30

2.90

Taiwan

Soybeans

75.80

386.80

 

Export Sales Totals (tmt)

Vietnam

Soybeans

2.40

6.90

 

 

Outstanding

Accum.

New

Canada

Soymeal

9.30

130.10

 

Commodity

Sales

Exports

Sales

Cuba

Soymeal

40.00

12.10

 

Soybeans

9,162.60

7,294.20

835.80

Dom. Rep.

Soymeal

4.50

38.60

 

Soymeal

1,887.30

779.30

92.30

Ecuador

Soymeal

2.50

27.50

 

Soyoil

139.20

47.70

8.00