Global oilseed market with US soybean futures prices fell for first time in five years in 2023

Published 2024년 1월 2일

Tridge summary

Global oilseed prices fell at the end of December 2023, with soybeans and rapeseed reaching new lows for the year. Concerns about the supply situation and global economic recession have led to the first annual decline in soybeans in five years. The market is closely monitoring changes in weather expectations for South America's harvest, as well as central bank monetary policies and geopolitical tensions. U.S. soybean exports continue to lag behind the previous year, affected by slow sales to China and challenges in the barge industry. Brazilian soybean export supply may decline in 2024 due to increased demand for domestic crushing from the biodiesel industry, potentially reducing soybean oil export supplies. Argentine soybean production is expected to be higher in 2023/24, improving crop conditions and potentially impacting global soybean supply. In the spring of 2024, U.S. farmers may diversify soybean plantings, influenced by growing demand for biofuels, while reducing corn acreage. The futures market and price ratios will play a key role in farmers' planting decisions in the months leading up to the planting season.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Foreign media news on January 1: In the week ending December 29, 2023, global oilseed prices mostly fell, with Chicago soybeans falling to a more than two-month low, and Canadian rapeseed hitting a seven-month low. On the annual chart , soybeans fell nearly 15% for the whole year, the first annual decline in five years, reflecting the loosening of the global oilseed supply situation and the lingering haze of the global economic recession. Looking forward to 2024, the market will pay close attention to whether the weather changes expectations for a bumper harvest in South America; whether the Federal Reserve and other central banks will soon implement monetary easing policies to stimulate economic growth. In addition, the world is entering a critical election year, and geopolitical tensions are likely to intensify, thus affecting the US dollar. trends and investor risk appetite; strong global demand for biofuels has also paved the way for oilseed market fluctuations. On ...

Source: Foodmate