Weekly analysis of the global oilseed market - 07 March
Canola Seed & Rapeseed
Brazil
Published Mar 8, 2024
Tridge summary
Despite experiencing the hottest and driest conditions in 30 years, Mato Grosso and Mato Grosso do Sul in Brazil continued with the planting of the second maize crop. Meanwhile, cooler temperatures and increased rainfall in Argentina and southern Brazil could delay the soybean harvest. Canola prices rose due to increases in Chicago soybeans, Malaysian palm oil, and crude oil prices. EU rapeseed markets remained stable with imports from Eastern Europe, the Baltic States, and Ukraine, but imports from Australia are declining due to the Red Sea crisis. Analysts' forecasts for Brazil's soybean crop are mixed, with AgRural lowering its estimate and StoneX raising its forecast. The USDA reported a 30% drop in export sales of US soybeans.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.
Original content
The weather During the week ending March 3, Mato Grosso and Mato Grosso do Sul experienced the hottest and driest conditions in 30 years. However, the climate allows the planting of the second crop of maize to continue. Meanwhile, in Argentina and southern Brazil, cooler temperatures and more rain could delay the soybean harvest. Current weather patterns attributed to El Niño, which lead to drier conditions in central and northern Brazil and wetter conditions in the south, are expected to change with the onset of La Niña later in the year. This change could lead to drier weather in southern Brazil and Argentina and wetter conditions in central Brazil, but not before the end of this growing season. Prices MATIF Highlights of the week The rise in canola prices found support from Chicago soybeans, Malaysian palm oil and crude oil. The resilience of MATIF canola in times of downtrend in grain markets is remarkable, especially in the May contract ...
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