World: Oilseed market analysis during 15 - 22 February 2024

The weather The weather phenomenon El Niño is expected to limit agricultural production in 2024, similar to its impact the previous year, although not as severely as originally expected. Additionally, according to the US Weather Service, there is currently a 55% chance of a La Niña occurring between June and August, which could also potentially adversely affect grain production in certain parts of the world. According to their data, there is a 79% chance that the El Niño weather pattern will end in April-June, suggesting that the global economy has already weathered the worst of this weather phenomenon. MATIF prices Highlights of the week Canola prices posted gains last week amid a weakening soybean market and slight support from crude oil. Business association UCAB reports a potential drop of 15-20% in grain and oilseed production in Ukraine in 2024 due to less planted area, which will affect exports to the EU, as Ukraine is a key supplier. Rape ...