World: Oilseed markets weekly review July 4, 2024

Published 2024년 7월 4일

Tridge summary

The article discusses the impact of weather conditions on the early canola harvest in Europe, with yields decreasing due to excessive rain in France and drought in Romania. Meanwhile, rape futures in Paris have risen due to lower global production expectations, reaching a 16-month high. In addition, soybean oil prices have surged by 10% in the last week, driven by short-covering funds and improved refining margins. Stratégie Grains has reduced its estimate for the 2024 EU canola crop, while the USDA reported a slight decrease in the planned soybean acreage for 2024. The sunflower oil market in the Black Sea region has strengthened, with prices for Ukrainian sunflower oil offered at $900-1,000 per ton.

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

Original content

The weather The disappointing results of the early canola harvest in Europe are due to weather conditions. In France - yields were reduced by excessive rains during the growing season, and in Romania - crops suffered severe drought. In Australia, Bureau of Meteorology forecasts for July to September show above average maximum and minimum temperatures, with an 80% chance of above average temperatures. Australia's winter rainfall, however, is also expected to be above normal. The El Niño Southern Oscillation (ENSO) remains neutral, with three climate models indicating a September La Niña and four indicating that neutral conditions will continue. Highlights from global markets Rape futures in Paris rose on lower expectations for global production. The November contract rose €14.25/t to €486.00/t after hitting a low of €468.75/t on Tuesday before climbing again. MATIF futures hit 16-month highs yesterday, July 03, and CBOT soybeans continued their recovery, supported by a sharp ...

Source: Agroportal