The global oilseeds market weekly review on September 12, 2024

Published 2024년 9월 12일

Tridge summary

The article examines the influence of weather on crop yields in Central and Eastern Europe, the Black Sea region, and globally. It notes the performance of MATIF canola, increased rapeseed and sunflower imports into the EU, and a rise in global soybean production and stocks. Additionally, it mentions higher Canadian canola stocks, anticipated declines in oilseed production in Bulgaria and Russia due to poor weather, and Egypt's sunflower oil import tender. Despite weak North American soybean and canola markets, the Black Sea region supports MATIF canola, though large global soybean supplies from the US and Brazil temper market optimism.

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

Original content

The weather The rains in Central and Eastern Europe, as well as in the Black Sea region, continue this week as well, hindering the harvest of spring crops, but helping moisture retention and the already starting sowing campaign. Temperatures also remain moderate and favorable. No significant rain is expected for canola in Australia during the week, while forecast rain in Canada will hamper the harvest campaign. Highlights from global markets MATIF canola is performing relatively well, given the weakness in soybeans and canola in North America, as well as the slump in the oil market, which during the week touched levels not seen since March 2023. November rapeseed futures are in the €450-475 range, and a weekly close above this line will confirm the bulls' claims of a renewed price rally, while a close below it will open the way for the bears to test the annual bottom, which is at €414 for said futures. Rapeseed imports into the EU continue at a good pace, progressing by 260 ...

Source: Agroportal