Weekly overview of the global oilseed market on September 19, 2024

Published 2024년 9월 19일

Tridge summary

Rainy weather in the US and Canada is causing problems for soybean and canola harvests, with Brazil's soybean production at its lowest in 30 years, delaying the planting campaign. Despite this, the USDA predicts a new record soybean crop in Brazil for 2024/25, with an increase in both planted areas and average yield. Global oilseed production has been lowered by the USDA, particularly in canola and sunflower, leading to decreased processing and production of vegetable oils and meal. In contrast, global soybean production has been increased by the USDA to a new record. The sunflower production in the Black Sea region, including Ukraine and Romania, has also seen a decrease, leading to less processing and production of oil and meal. China's anti-dumping investigation into Canadian canola imports continues to impact canola markets, while global supplies are shrinking due to reduced EU production.

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

Original content

Weather Forecasted rain in the US and Canada this week will cause problems for the advancing soybean and canola harvests. As of late last week, soil moisture in Mato Grosso and Paraná, which together account for roughly 40 percent of Brazil's soybean production, was at its lowest level in 30 years, delaying the planting campaign. Brazilian farmers can only plant 15-20% per week at most, so the delayed start means they probably won't be able to finish the campaign until the end of November. This would affect the sowing of the second crop of 'safrinya' maize. Global market highlights During the week, MATIF canola tried to hold above €460/t for the November contract, supported by a recovery in canola in Canada, although palm oil in Malaysia lost ground after India's decision to impose higher tariffs on the import of vegetable oils. EU rapeseed imports this season reached 1.05 million tonnes (Mt), up 37% from the previous year, boosted by weak production in the Union this year. ...

Source: Agroportal