World: Weekly overview of the oilseed market on 18 June

Published 2024년 7월 18일

Tridge summary

Favorable weather conditions in the Canadian Prairies and Western Europe are aiding canola development and harvest, while dry conditions are expected in Australia. The USDA has increased its global canola production forecast by 0.8 Mt to 87.9 Mt, with Canada expected to have the best crop in five years. However, high temperatures and lack of rainfall in the Black Sea region are impacting sunflower production, leading to a reduction in the EU crop and raising concerns about the potential impact on processing and production of sunflower oil and meal. The USDA's report of reduced production and processing in Russia and Ukraine is supporting the sunflower and sunflower products markets.

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

Original content

The weather Warmer conditions combined with rainfall in the Canadian Prairies over the past week have been favorable to canola development, while canola areas in Australia are expected to remain dry in the coming days. To a large extent, the weather next week will allow the canola harvest in Western Europe to progress. Although temperatures in the Black Sea region continue to maintain high values, the forecast for the next seven days shows the appearance of precipitation for Bulgaria and Romania, which are so necessary for sunflowers and corn. Highlights from global markets In its monthly report, the USDA raised canola production, whose global crop will grow by 0.8 to 87.9 Mt, with the largest contribution (+0.4 Mt) from Canada, where they already expect the best crop for the last 5 years. By 0.15 Mt to 18.9 Mt, however, the rape crop in the EU has also increased, and the rest comes from the "others" column, where Australia is still located. The increase dealt a heavy blow ...

Source: Agroportal