Analys
SEB Jordbruksprodukter, 30 augusti 2012
Det har varit stora prisuppgångar på spannmål i sommar. Det finns tecken på att majspriset faktiskt börjar ransonera efterfrågan på majs. Såväl vete som sojabönor ser fortfarande starka ut.
På fredag är det ministermöte (igen) i Ryssland om skörde- och exportsituationen. Nästa vecka kommer WASDE-rapporten. Det finns inte mycket nyheter för marknaden att ta fasta på innan dess, så det lär inte hända så mycket – om nu inte Ryssland ger oss någon nyhet.
Odlingsväder
ENSO fortsätter att surfa på gränsen till ett riktigt El Niño. SOI ligger under gränsen för El Niño på -8. Däremot har andra indikatorer som molnighet inte uppvisat typiska El Niñomönster de senaste två veckorna. Klimatmodeller prognosticerar att ENSO kommer att fortsätta ligga på gränsen fram till slutet av året eller in i början på 2013, för att sedan återgå till normala ENSO-förhållanden.
Vete
Tekniskt har Matif-november fortsatt att röra sig inom den triangel som vi anser kommer att brytas på uppsidan. Ett sådant brott uppåt har enligt den tekniska analysen potential att gå upp till 286 euro per ton. Det finns två potentiella triggers för detta. Det ryska ministermötet på fredag och WASDE-rapporten nästa vecka.
Nedan ser vi Chicagovetet med leverans i december. Den tekniska bilden indikerar samma sak här.
I diagrammet nedan ser vi terminspriserna framåt i tiden för Chicago och Matif och förändringen från 7 dagar sedan. Vi ser att backwardation har minskat i USA. Priset för leverans nästa november (2013) är ca 20 euro per ton högre i Chicago än i Paris.
Det ryska jordbruksministeriet rapporterade igår (onsdag) att 53.4 mt spannmål och baljväxter har skördats hittills. Avkastningen ligger på 1.92 mt / ha. Förra året var det 2.63 ton/ha. Det är en minskning med 27%. Jordbruksministern upprepade sin prognos om en skörd på 75 mt, en minskning med 20% från förra årets 94 mt. Han sade att exportpotentialen är 12 mt. 2011/12 exporterade Ryssland 21.6 mt, enligt USDA.
Nu på fredag möts ryska ministrar och experter och diskuterar skörden och exportmöjligheterna. Vi har tidigare visat att Rysslands nya medlemskap i WTO inte har tagit bort risken för ett exportstopp. Enligt WTO:s regelverk får Ryssland införa exportbegränsningar om det meddelar de andra länderna och om exportstoppet är tillfälligt, och det lär det ju vara.
Det är naturligtvis svårt för oss på SEB att följa vad som sägs i hela världen om exportstopp i alla länder. Ett enkelt sätt är att räkna alla artiklar som innehåller nyckelorden Wheat+Export+Ban och det ser vi nedan. Den senaste veckan har det talats mindre om exportstopp. Kanske marknaden är trött på ”storyn”.
Det franska jordbruksministeriet meddelade igår att ”World Food Security Situation Not Threatened for Now”. Fast de sade det väl på franska. Frankrike har inrättat det så kallade ”Rapid Response Forum” förra året för att hindra att länder inför exportbegränsningar. Det är en del av ”The Agricultural Market Information System” som inrättats på beslut av G20. Jag förmodar att de får anledning att träffas igen snart, allra senast efter USDA:s rapport nästa vecka.
De två senaste veckorna har det kommit ner nederbörd över Indien, vilket har fått läget att ljusna för grödor som majs, ris och sojabönor. 50% av Indien är drabbat av torka. Det minskar trycket på staten att införa exportbegränsningar. Arealen sådd med ris har ökat till 32.9 miljoner hektar från 30.8 förra året. Förra årets skörd var rekordhöga 91.5 mt, enligt det indiska jordbruksministeriet.
Orkanen Isaac som nådde fastlandet via Louisiana ger nederbörd, som förbättrar markfukten inför höstsådden av SRWW, även om stormen också fördröjer fältarbetet.
Maltkorn
Novemberkontraktet på maltkorn har funnit stöd och ser ur teknisk synvinkel ut att kunna stiga den närmaste tiden.
Potatis
Potatishaussen fick priset att fortsätta stiga efter förra veckobrevet. Efter att ha nått över 24 euro per deciton, föll priset hastigt tillbaka till 20 euro, men har de senaste två dagarna åter stigit och ligger nu på 23 euro. Vi vet att det fanns säljare på över 24 euro, så det återstår att se om de är starka nog.
Nedan ser vi terminskurvan för industripotatis på Eurex. Priset för nästa års skörd ligger på 15 euro per deciton. Det är det man ska räkna med att få betalt för nästa års skörd.
Tycker man att det är en bra prisnivå kan man välja att sälja terminer för att prissäkra. Korrelationen över skördeåren mellan tysk industripotatistermin och till och med svensk matpotatisnotering är högre än 0.5. Prissäkring med de här terminerna ger en riskminskning. Trots att det är en annan kvalitet och ett annat land.
Majs
Majspriset har inte riktigt lyckats hitta nya toppnivåer och det är ett svaghetstecken. Marknaden ligger inom en triangelformation. Ett brott nedåt ur den vore inte bra och skulle innebära att vi skulle reducera långa positioner kraftigt och kanske till och med gå kort.
Nedan ser vi terminskurvan framåt i tiden för majs.
Måndagens crop ratings för majs var kom in med 22% i good/excellent condition. Förra veckan var det 23%. Poor / Very poor kom in på 52% (upp en procentenhet).
Orkanen Isaac, som nådde fastlandet vid Louisiana kommer att ge mellan 70 och 80 mm nederbörd över Missouri de kommande tre dagarna, enligt National Weather Service. Det kommer också att blåsa en hel del och det kan skada majsfälten som pga torkan har svaga stjälkar. Berörda stater är Louisiana, Alabama, Arkansas och Mississippi. Etanolproduktionen har nu äntligen minskat efter de senaste veckornas uppgång. Det är en minskning från 823,000 fat/dag till 819,000 fat, enligt DOE:s veckostatistik. Vi får tolka det som att det finns tecken på att det höga majspriset faktiskt ransonerar konsumtionen.
Enligt USDA-rapporten den 10 augusti går 42% av amerikansk majsproduktion till etanolproduktion. Priset på etanol har backat i pris de senaste dagarna.
Sojabönor
Triangelformationen är bruten på uppsidan och har nu etablerat sig över toppen från juli. Vi ser det som en konsolidering inför nästa uppgångsfas, till den teoretiska målkursen 1879 cent / bu.
Crop conditions visar en minskning på 1% i kategorin ”good” och en ökning i ”very poor”. 38% är i poor / very poor condition medan 30% är good eller very good condition. Orkanen Isaac ger nederbörd, som berört under majs-avsnittet, men nederbörden är för sen för att påverka sojaskörden, eftersom den är tre veckor tidig och sojabönornas baljor redan är satta.
Raps
Vi tror alltjämt att rapsterminen för novemberleverans är på väg högre. Den snabba ”dippen” häromdagen, som återhämtade sig så snabbt, tyder på att köparna fortfarande har kommandot över marknaden. På ovansidan finns ett motstånd på 524.75 euro per ton. Vi tror att det ska testas igen – och övervinnas.
Gris
Grispriset befinner sig i en tydlig bear market. Nedan ser vi baissen på grismarknaden.
Mjölk
Priset på mjölkpulver i Nordeuropa har fortsatt att stiga ännu en vecka. Nedanför ser vi oktoberkontraktet. Det har fortsatt att öka till 2718, från 2625 euro per ton.
Nedan ser vi priset på smör, också oktoberkontraktet såsom handlat på EUREX. Priset är angivet i euro per ton.
På den amerikanska börsen har priset också stigit. EUREX som representerar marknaden i Europa har börjat bli allt mer med världsmarknadens pris, representerat av terminerna i Chicago.
Socker
Priset på socker har studsat upp från strax under 20 cent och ligger nu på nästan exakt 20 cent. Trenden är ner, men trenden är också gammal.
EURSEK
EURSEK svarar på ett starkt tekniskt stöd. Vi tror på sidledes rörelse den närmaste veckan. Augustis sidledes rörelse såg först ut som en paus inför fortsatt nedgång, men man ska inte se kursrörelser som i tisdags och i onsdags i en korrektion. Vi kan nu få se en uppgång mot 8.50 kr per euro.
USDSEK
Dollarn har svarat på supportområdet och hoppat upp från det. Stödet ligger vid 6.60 kr. Priset kan i första hand gå upp till 6.80, men det mest troliga är fortsatt sidledes rörelse med stödet under.
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Disclaimer
The information in this document has been compiled by SEB Merchant Banking, a division within Skandinaviska Enskilda Banken AB (publ) (“SEB”).
Opinions contained in this report represent the bank’s present opinion only and are subject to change without notice. All information contained in this report has been compiled in good faith from sources believed to be reliable. However, no representation or warranty, expressed or implied, is made with respect to the completeness or accuracy of its contents and the information is not to be relied upon as authoritative. Anyone considering taking actions based upon the content of this document is urged to base his or her investment decisions upon such investigations as he or she deems necessary. This document is being provided as information only, and no specific actions are being solicited as a result of it; to the extent permitted by law, no liability whatsoever is accepted for any direct or consequential loss arising from use of this document or its contents.
About SEB
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Analys
How renewable fuels are accelerating the decarbonisation of transport

On 16 November 2022, UK’s Royal Air Force (RAF) Voyager aircraft, the military variant of the Airbus A330, took to the skies for 90 minutes over Oxfordshire. What looked like a routine test flight in its outward appearance was ultimately deemed ground-breaking. Why? It was a world-first military transporter aircraft flight, and the first of any aircraft type in the UK to be completed using 100% sustainable jet fuel.

What are renewable fuels?
Renewable hydrocarbon biofuels (also called green or drop-in biofuels) are fuels produced from biomass sources through a variety of biological, thermal, and chemical processes. These products are chemically identical to petroleum gasoline, diesel, or jet fuel.
In other words, renewable fuels are sources of energy chemically identical to fossil fuels but produced from domestic, commercial, or agricultural waste (see Figure 1 below).
Figure 1: Converting waste into energy

Why the excitement?
Renewable fuels, like renewable diesel and sustainable jet fuel, can reduce greenhouse gas emissions by around 80-90% compared to fossil fuels. And because they burn much cleaner, engine filters remain cleaner for longer reducing the need for maintenance. Furthermore, given used cooking oil, vegetable oil, processing waste, and animal fat waste are used as inputs, the production of these fuels reduces biowaste, thereby cutting emissions from landfills.
This makes renewable fuels a key component of the circular economy. Humans have largely operated on the linear model historically when it comes to utilising natural resources. The circular model, in contrast, is much less wasteful and seeks to recycle as much as possible (see Figure 2 below).
Figure 2: The Circular Economy

The most exciting thing about renewable fuels is the immediacy with which they can make an impact. The reason why they are referred to as drop-in fuels is that they can replace fossil fuels in internal combustion engines with little or no modification required. So, if supply was abundant enough, forms of transport which cannot be electrified easily like heavy duty trucks, ships, and aeroplanes can be switched across to renewable fuels making a significant improvement to the environmental footprint. According to BP, “A return flight between London and San Francisco has a carbon footprint per economy ticket of nearly 1 tonne of CO2 equivalent. With the aviation industry expected to double to over 8 billion passengers by 2050, it is essential that we act to reduce aviation’s carbon emissions.”
The challenge
Renewable fuels or biofuels are still in their infancy. This means the obvious hurdle to overcome is cost competitiveness with fossil fuels. Cost estimates vary, but figures from the International Air Transport Association (IATA) provide a useful sense for the ballpark. In May 2022, IATA stated that the average worldwide price of jet fuel is about $4.15 per gallon compared to the US average price of a gallon of sustainable aviation fuel, which is about $8.67.
So, roughly double the price of the incumbent polluting technology. This is not a bad starting point at all. Considering how rapidly the cost of energy storage in batteries has fallen in the last decade, renewable fuels could become competitive quite soon if sufficient investment is made and economies of scale are achieved. IATA also predicts that renewable fuels could make up 2% of all aviation fuels by 2025, which could become a tipping point in their competitiveness.
Businesses are acting
Businesses pursuing their own net zero targets have already started exploring renewable fuels to minimise their waste. Darling Ingredients Inc, which produces its trademark Diamond Green Diesel from recycled animal fats, inedible corn oil, and used cooking oil, was chosen by fast food chain Chick-fil-A in March 2022 to turn its used cooking oil into clean transportation fuel.
Similarly, McDonald’s entered into a partnership with Neste Corporation in 2020 to convert its used vegetable oil into renewable diesel and fuel the trucks that make deliveries to its restaurants. According to TortoiseEcofin, both Darling Ingredients and Neste have a net negative carbon footprint given emissions produced by these businesses are lower that the emissions avoided because of their renewable fuels.
A final word
Renewable fuels alone will not tackle climate change. No single solution can. But they can help us make meaningful progress. The Intergovernmental Panel on Climate Change (IPCC) emphasises how crucial it is for the world to halve its greenhouse gas emissions this decade to at least have a chance of limiting global warming to 1.5oC. This means that solutions with an immediate effect have an important role to play. Biofuels can cut emissions from waste in landfills and provide much cleaner alternatives to fossil fuels to help accelerate the world’s decarbonisation efforts. They don’t require different engines to be of use. They just need funding to reach scale.
Mobeen Tahir, Director, Macroeconomic Research & Tactical Solutions, WisdomTree
Analys
SEB Metals Weekly: China Covid exit is bullish for metals

China Covid exit is bullish for metals
Softer inflation, slight macro-optimism, and China taking a rapid exit from Covid restrictions. Markets have become more optimistic. Inflation indices have eased and that has created some hopes that central banks won’t lift interest to a level that will kill the economy in 2023. Natural gas prices in Europe have fallen sharply. This has suddenly reduced energy-inflationary pressure and removed the direst downside economic risks for the region. But general market optimism is far from super-strong yet. The S&P 500 index has only gained 1.9% since our previous forecast on 1 Nov 2021, and oil prices are down nearly 10% in a reflection of concerns for global growth. China has however removed all Covid-restrictions almost overnight. It is now set to move out of its three years of Covid-19 isolation and lockdowns at record speed. Industrial metals are up 20% and the Hong Kong equity index is up 40% as a result (since 1 Nov-22). China’s sudden and rapid Covid-19 exit is plain and simply bullish for the Chinese economy to the point that mobility indices are already rebounding quickly. SEB’s general view is that inflation impulses will fade quickly. No need then for central banks across the world to kill the global economy with further extreme rate hikes. These developments have removed much of the downside price risks for metals in 2023 and we have to a large degree shifted our 2024 forecast to 2023.
Lower transparency, more geopolitics, more borders, and higher prices and exponential spikes. The first decade of this century was about emerging markets, the BRICs, the commodity price boom, the commodity investment boom, and free markets with free flow of commodities and labor with China and Russia hand in hand with western countries walking towards the future. High capex spending in the first decade led to plentiful supply and low prices for commodities from 2011 to 2020. A world of plenty, friends everywhere, free flow of everything, and no need to worry. The coming decade will likely be very different. Supply growth will struggle due to mediocre capex spending over the past 10 years. Prices will on average be significantly higher. There will be frequent exponential price spikes whenever demand hits supply barriers. Price transparency will be significantly reduced due to borders, taxes, sanctions, geopolitical alignments, and carbon intensities. Prices will be much less homogenous. Aluminium will no longer be just one price and one quality. Who made it, where was it made, where will it be consumed and what the carbon content will create a range of prices. Same for most other metals.
Copper: Struggling supply and China revival propel copper prices higher. Unrest in Peru is creating significant supply risks for copper as the country accounts for 10% of the global supply. Chile accounts for 27% of global production. Production there is disappointing with Codelco, the Chilean state-owned copper mining company, struggling to hit production targets. The Cobre Panama mine in Panama is at risk of being closed over a tax dispute between Quantum and the government. Cobre Panama is one of the biggest new mines globally over the past 10 years. The rapid exit from Covid restrictions in China is bullish for the Chinese economy and thus for copper demand and it has helped to propel prices higher along with the mentioned supply issues. The Chinese property market will continue to struggle, and it normally accounts for 20% of global copper demand while China accounted for 55% of global copper demand in 2021. While China is no longer prioritizing the housing market it is full speed ahead for solar, wind, EVs, and electrification in general. So, weakening Chinese copper demand from housing will likely be replaced by the new prioritized growth sectors. Global supply growth is likely going to be muted in the decade to come while demand growth will be somewhere between a normal 3% pa. to a strong 4% pa. to a very strong 5% pa. Copper prices will be high, and demand will hit the supply barrier repeatedly with exponential spikes as the world is working hard to accelerate the energy transition. Copper prices could easily spike to USD 15-16,000/ton nearest years.
Nickel: Tight high-quality nickel market but a surplus for a low-quality nickel. Nickel production is growing aggressively in Indonesia. The country is projected to account for 60-70% of global supply in 2030. This will become a huge and extremely concentrated geopolitical risk for the world’s consumers of nickel. Indonesia has an abundance of low-grade C2 nickel. The challenge is to convert low-quality C2 nickel to high-quality C1. We are set for a surplus of C2 nickel but the market for C1 nickel will depend strongly on the conversion capacity for C2 to C1. Low price transparency will also help to send prices flying between USD 20,000/ton and USD 30,000/ton. Strong growth in nickel production in Indonesia should initially call for prices down to USD 20,000/ton. But Indonesia is a price setter. It will account for 50% of global supply in 2023. It doesn’t make sense for Indonesia to kill the nickel price. If the nickel price drops, then Indonesia could quickly regulate supply. There should be a premium to nickel due to this. As a result, we expect the nickel price to average USD 24,000/ton in 2023. C2 to C1 conversion capacity may be strained and there should also be a monopoly premium due to the size of Indonesia. Converting C2 to C1 is however extremely carbon intensive and that could be an increasing issue in the years to come.
Zinc: Super-tight global market. European LME inventories are ZERO and zinc smelters there are still closed. European zinc smelters account for 16% of global zinc smelter capacity. Most of this was closed over the past year due to extremely high energy prices. European LME zinc stockpiles are now down to a stunning zero! The global zinc market is extremely tight. Reopening of European zinc smelting seems unlikely in H1-23 with a continued super-tight market as a result both in Europe and globally.
Aluminium: Price likely to be in the range of USD 2400 – 3200/ton and line with coal prices in China. Aluminium prices have historically been tightly tied to the price of coal. But coal prices have been all over the place since the start of 2021 with huge price differences between Amsterdam, Australia, and domestic Chinese coal prices which are now largely state-controlled. China banning imports of Australian coal, the Chinese energy crisis in 2021, and Russia’s invasion of Ukraine in 2022 are ingredients here. This sent aluminium prices flying high and low. Coal prices in China today imply a price of aluminium between USD 2400/ton and 3150/ton with the LME 3mth aluminium price nicely in between at USD 2590/ton. The global coal market should now become more orderly as China now again is accepting Australian coal. Energy costs have fallen sharply in Europe and some producers in the Netherlands have talked about possible restarts of production. China is likely to reduce its exports of primary aluminium. Energy security of supply is high on the agenda in China, and it makes no sense to emit lots of CO2 in China and indirectly export energy in the form of primary aluminium. Growth in non-China aluminium demand in the years to come will have to be covered by non-China producers which have the potential to force prices higher and away from coal as the price driver. While LME has one price for the 3mth aluminium price we’ll likely get larger and larger price differences across the world in the form of possibly extreme price premiums for example in the EU and the US.

Analys
Solid demand growth and strained supply to push Brent above USD 100/b


Brent crude had a strong end of the year as it traded at the highest level since 1 December. It is a slow start to the new year due to bank holidays and Dated Brent trades close to USD 85/b. It averaged USD 99.9/b in 2022. We expect it to average more than USD 100/b on average for the coming year amid strained supply and rebounding demand. Chinese oil demand is set to recover strongly along with re-openings while non-OECD will continue to move higher. At the moment oil looks absurdly cheap as it is cheaper than natural gas in both EU and Japan and also cheaper than coal in Australia.
Some price strength at the end of the year. The Dated Brent crude oil price index gained 2.3% on Friday with a close at USD 84.97/b. It was the highest close since 1 December. This morning it is trading slightly lower at USD 84.8/b but the market is basically void of action due to bank holidays.

Gloom and doom but IEA, OPEC and US EIA project global crude oil demand to rise between 1 m b/d and 2.2 m b/d YoY in 2023. They also expect call-on-OPEC to rise between 0.3 m b/d and 1.0 m b/d. The US EIA projects demand to increase 1 m b/d in 2023 on the back of a growth of 1.3 m b/d in non-OECD where demand in India rises by 0.2 m b/d and China by 0.6 m b/d. In China this is of course to a large degree due to re-opening after Covid-19 lock-downs. But it is still a good reminder of the low base of oil demand in non-OECD versus OECD. India last year consumed 5 m b/d which only amounts to 1.3 b/capita/year versus a world average of 4.5 b/capita/year and European demand of 10 b/capita/year. Even China is still below the world average as its demand in 2022 stood at 15.2 m b/d or 4.0 b/capita/yr. Non-OECD oil demand thus still has a long way to go in terms of oil demand and that is probably one of the things we’ll be reminded of in 2023 as Covid-19 lock-downs disappear entirely.
Solid demand growth in the face of strained supply. Important to remember is that the world has lost a huge amount of fossil supply from Russia due to the war in Ukraine. First in terms of natural gas where supply to the EU and thus to the world has declined by some 2.5 m boe/d versus pre-war levels. Secondly in terms of crude and products. The latter is of course a constant guessing game in terms of how much Russian crude and product exports has declined. The US EIA however projects that crude oil production in the Former Soviet Union will be down 2 m b/d in 2023 versus pre-Covid levels and down 1.3 m b/d YoY from 2022 to 2023. We are thus talking up to 4.5 m boe/d of lost supply from Russia/FSU. That is a huge loss. It is the reason why coal prices are still trading at USD 200 – 400/ton versus normal USD 85/ton as coal is an alternative to very expensive natural gas.
Overall for 2023 we are looking at a market where we’ll have huge losses in supply of fossil energy supply from Russia while demand for oil is set to rebound solidly (+1.0 – 2.2 m b/d) along with steady demand growth in non-OECD plus a jump in demand from China due to Covid-19 reopening. Need for oil from OPEC is set to rise by up to 1.0 m b/d YoY while the group’s spare capacity is close to exhausted.
We expect Brent crude to average more than USD 100/b in 2023. Despite all the macro economic gloom and doom due to inflation and rising interest rates we cannot help having a positive view for crude oil prices for the year to come due to the above reasons. The Dated Brent crude oil price index averaged USD 99.9/b in 2022. We think Brent crude will average more than USD 100/b in 2023. Oil is today absurdly cheap at USD 85/b. It is cheaper than both coal in Australia and natural gas both in Japan and the EU. This is something you hardly ever see. The energy market will work hard to consume more what is cheap (oil) and less of what is expensive (nat gas and coal).
Latest forecasts by IEA, OPEC and US EIA for oil demand growth and call-on-OPEC YoY for 2023. Solid demand growth and rising need for oil from OPEC.

Oil demand projections from the main agencies and estimated call-on-OPEC. More demand and higher need for oil from OPEC

EIA STEO projected change in oil demand for different countries and regions YoY to 2023

US EIA Dec STEO forecast for FSU oil production. Solid decline projected for 2023.

US commercial crude and product stocks still below normal

Total US crude and product stocks including SPR. Declining, declining, declining.

US crude and product inventories both excluding and including Strategic Petroleum Reserves

US oil sales from US SPR is now coming to an end. Will make the market feel much tighter as it really is.

Brent crude oil is absurdly cheap as it today trades below both Australian coal and natural gas in both Japan and the EU. Coal and natural gas prices should trade lower while oil should trade higher.

EU diesel prices versus natural gas prices. Could start to move towards a more natural price-balance in terms of substitution.

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