Weekly overview of the global oilseed market as of June 27, 2024

Published 2024년 6월 27일

Tridge summary

A moving rain front is expected to impact various European regions, including Western Europe, the Mediterranean, and the Balkans, with rain expected to continue for the next few days, although parts of the Black Sea region remain uncomfortably dry. This could have adverse effects on sunflower development due to the high moisture deficit and high temperatures. In global market news, volatility in MATIF rape continues, with a significant daily gain due to forecasts of a three-year low in canola acreage in Canada and a reduced average yield estimate for rapeseed in the EU. Despite these challenges, the average soybean yield forecast has been raised. Europe is experiencing weak growth in oilseed processing, with a decrease in rapeseed and sunflower processing. In Ukraine, local analysts forecast the new canola crop to be between 3.5 Mt and 4.3 Mt, with strong competition expected between processors and exporters. The market outlook suggests that the weaker rapeseed and sunflower crops in Europe could increase competition for oilseeds, potentially boosting prices in the new season.

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

Original content

Weather The rain front has moved from Western Europe to the Mediterranean and parts of the Balkans, and is expected to persist for the next few days. Most areas in the Black Sea region remain uncomfortably dry. Several rain fronts will bring rain next week, but the moisture deficit for sunflower still remains high, and combined with the high temperatures observed, this will definitely have an adverse effect on its development. Widespread rainfall, although light in some areas, will be favorable for canola in Australia. Global market highlights Volatility in MATIF rape continues this week. Yesterday, the benchmark contract posted its biggest daily gain not seen in nearly two months. August futures managed to add €9.5/t to €469.75/t amid news from Canada, where the country's agriculture ministry forecast a three-year low in canola acreage. In this regard, despite the expected higher average yields of 212 kg/ha, they still predict a weaker harvest - 18.1 Mt (18.3 million tons last ...

Source: Agroportal