World: Weekly overview of the oilseed market

Published 2024년 5월 16일

Tridge summary

Favorable weather in Europe and North America is expected to benefit canola and soybean development, while Brazil faces challenges with heavy rains and crop damage. Despite this, global canola production is projected to rise due to higher outputs in Australia and Canada, with Canadian canola stocks up by 17.5% due to reduced exports. Chicago soybeans showed mixed performance, and Brazil's soybean crop forecast was lowered. Rapeseed oil remains the priciest vegetable oil, and sunflower oil is gaining traction. The Biden administration's decision against additional tariffs on used oil imports from China has sparked controversy. Ukraine's sunflower meal exports surged, with China as the main buyer, and Ukraine is expected to lead in sunflower meal and oil exports in the 2024/25 season. USDA analysts project increases in sunflower oil and meal production, with significant export volumes, and stable global canola production despite lower outputs in the EU and Ukraine.

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Original content

Weather The weather in Europe and North America next week will remain favorable for canola and soybean development, with normal rainfall and temperatures. On the other hand, the situation in Brazil is quite different. The state of Rio Grande do Sul is still reeling from devastating floods, and the forecast calls for more rain in the coming days. Soybean crop damage is high, but support for quotes is limited by forecast high production and abundant global supply of both old and new crops. Highlights from global markets Despite some pressure, MATIF rape managed to hold on to levels around €475-480/t during the week. The USDA forecasts production in the EU in the new season at 19 Mt, which will be 5% less than the current one. Ukrainian production will also be significantly weaker, which is expected to be 3.7 Mt or 16% less compared to 2023/24. On the other hand, the USDA estimates global canola production for the 2024/25 season at 88.3 Mt, down just 0.1% from last year and up 10.9% ...

Source: Agroportal