Weekly overview of the global oilseed market (October 24)

Rainfall in South America is aiding the progress of sowing campaigns in Brazil and Argentina, with soybean planting advanced by 9.1% and 11% in Brazil and Argentina respectively. Despite a slower start compared to last year, grain producers are optimistic about being able to sow most of their crops in the optimal window. However, the sunflower market is experiencing price increases due to one of the slowest harvests in France and forecasts of poor quality, with sunflower oil prices in Rotterdam reaching $1,240/t. There is expectation of long-term price support for canola due to subdued production this year, despite record canola processing and slowing pace due to a weaker crop. EU imports of rapeseed and sunflower oil are increasing, primarily from Ukraine, while soybean processing in Argentina has reached 4.1 million tons, indicating potential for higher domestic production for 2023/24. The sunflower harvest in the Black Sea region is nearly complete, but yields and quality are down significantly from last year, leading to grain producers being cautious with sunflower sales and a large amount of seed and oil likely disappearing from the market. The future of the EU's EUDR policies is supporting the canola and canola markets, with prices reaching annual highs.