World: Oilseeds market weekly review on December 5

Published 2024년 12월 5일

Tridge summary

Favorable weather conditions in South America, particularly in Brazil, are supporting crop development and putting pressure on soybean futures. Brazil is on track to achieve record soybean production of 172.2 million tons, while Australian harvest campaigns are facing challenges due to rainfall. In Europe, sunflower prices have dropped for the first time since August due to cheaper export quotations and weaker demand. The price peak of sunflower oil is expected to fall as prices of other vegetable oils weaken, which will impact the price of the raw material. Despite this, soybeans are expected to record record harvests, putting pressure on the entire oil complex.

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

Original content

The weather Weather in South America remains in focus. Favorable conditions on the continent are putting pressure on soybean futures, and forecast rainfall in Brazil will continue to support crop development in most key regions. As of the end of November, planting in Brazil is 90% complete of the planned 47.3 million. hectares, ahead of the previous year's pace of 83.1%. Australian harvest campaigns have been struggling due to widespread rainfall over the past two weeks, and unfortunately weather patterns will not be particularly favorable for canola over the next seven days. Highlights from global markets After MATIF canola broke through key resistances last week and easily fell from close to €550/t to €493/t, this oilseed is trying to regain ground. Within four sessions, the leading February futures realized a very good appreciation, consolidating at the levels of around €525/t. And while forecasts of lower canola production in Australia and Canada supported canola prices, ...

Source: Agroportal