Weekly overview of the global oilseed market on August 22, 2024

Published 2024년 8월 22일

Tridge summary

The article highlights favorable weather for canola in Australia and Canada, mixed conditions for U.S. soybeans and sunflowers in Ukraine and Russia, and a rise in MATIF canola prices due to recovering vegetable oil prices and potential Canadian rail strikes. It discusses the impact of lower oil prices, a strong euro, and increased EU imports on European canola, and provides data on EU soybean imports and global production forecasts, with Brazil leading. It also mentions increased rapeseed production in Russia, record soybean harvests in Ukraine, and new Russian export duties, concluding with an outlook on oilseed markets, noting high global inventories and improved U.S. soybean production but tight European canola supply.

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

Original content

The weather Forecast rainfall in Australia will maintain soil moisture favorable for canola development, while maturing canola in Canada will benefit from warmer temperatures. Much of the U.S. soybean crop will enjoy rain, with conditions even too wet in places. Some areas of eastern Ukraine and southwestern Russia will enjoy better sunflower conditions, with rain forecast for next week. Highlights from global markets MATIF canola rose €5.25 to €457.25/t yesterday after four straight sessions of losses, supported by a recovery in vegetable oil prices following strong gains in palm oil in Kuala Lumpur and soybean oil in Chicago (although the latter market remains at a 3-year low). A growing possibility of a strike by rail workers in Canada is also supporting canola prices on both sides of the ocean as it could disrupt supplies from the world's largest canola exporter. On the other hand, the oil markets are weighed down by the continued decline in oil prices. In addition to ...

Source: Agroportal