Global: Weekly analysis of the oilseed market - December 14

Published 2023년 12월 14일

Tridge summary

Brazil's wet season rains continue this week, but will be more isolated next week, raising concerns about soybean production losses. In Argentina, weather fronts are lining up to bring widespread rain with favorable conditions for early soybean development. Global oilseed production for the 2023/24 season was estimated at 661 Mt, with a decline in soybean and sunflower production offset by high canola production. Despite concerns about weather and crop outlook in South America, global demand for oilseeds remains strong, but abundant supply from Brazil has led to a retreat in soybean and soybean meal prices.

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

Original content

Weather Brazil's wet season rains continue this week, but will be more isolated next week and will again raise concerns about soybean production losses. In addition, Brazil's Inmet issued a heatwave warning for the central and southern parts of the country from Wednesday to Sunday (affecting major soybean-producing states). In Argentina, several weather fronts are lining up by early next week, bringing widespread rain to most areas with favorable conditions for early soybean development. In Western Europe canola continues to benefit from favorable conditions, but in parts of South Eastern Europe there are still large areas of low soil moisture. Global Market Highlights Global oilseed production for the 2023/24 season was estimated at 661 Mt by the USDA in the December WASDE report, down 0.5 Mt from last month. Weaker soybean and sunflower production was partially offset by high canola. Soybean production fell by 1.5 Mt to 398.88 Mt, mainly due to a decline in Brazil (161 Mt, with ...

Source: Agroportal