Global oilseed market: Weather and favorable policies boost U.S. soybeans to a two-month high

게시됨 2024년 10월 7일

Tridge 요약

Soybean prices are rising globally due to severe drought in Brazil affecting planting and production, while Argentina's production is expected to increase as farmers shift from corn to soybeans. Global vegetable oil markets face supply shortages, with decreased production of sunflower seeds and rapeseed in the EU, and constrained palm oil production in Indonesia. This has led to increased prices for various oils, including Black Sea sunflower oil and Malaysian palm oil. The US soybean market is benefiting from tight Brazilian exports, making US soybeans the cheapest globally, with a strong harvest progress and improved drought conditions. Analysts predict a significant increase in US soybean stocks, with a 32.6% rise from the previous year.

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원본 콘텐츠

On Friday (September 27), Chicago Board of Trade (CBOT) November soybean futures closed at $10.6575 per bushel, up 5.3% from a week ago; the average price of October Gulf soybeans was $11.3375 per bushel, up 5.0%; December soybean meal closed at $343.7 per short ton, up 7.7%; December soybean oil closed at 42.36 cents per pound, up 2.4%; Euronext November rapeseed futures closed at 469.50 euros / ton, up 1.5%; Intercontinental Exchange November rapeseed futures closed at 603.8 Canadian dollars/ton, up 2.5%; Argentina Shanghe soybean FOB spot price was US$436 per ton (including 33% export tax), up 4.3%. ICE's US dollar index closed at 100.109 points, down 0.3% from a week ago. Severe drought in Brazil lays the foundation for rising soybean prices In Brazil, soybean planting begins in late September. Currently, analysis agencies have made Production expectations are optimistic. The U.S. Department of Agriculture predicts that Brazil's soybean production in 2024/25 will be a record ...

출처: Foodmate