Weekly overview of the global oilseed market (September 5)

Published 2024년 9월 5일

Tridge summary

The article provides an overview of the current weather conditions and their impact on various agricultural crops. The US is experiencing favorable weather for soybeans, while poor conditions are affecting canola in Canada and sunflower in the Black Sea region due to intense heat and lack of rainfall. The European Commission has lowered its assessment of rapeseed production in the EU, and import figures for this and other oilseeds are on the rise. The article also mentions a trade war between Canada and China, impacting canola imports, and discusses international tenders for vegetable oil imports, with the Grains Agency of Egypt seeking 10,000 tons of sunflower oil and 30,000 tons of soybeans for delivery in the later half of November.

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

Original content

The weather During the last three weeks, the weather conditions have mostly remained unchanged. Weather in the US is very favorable for soybean crops. Meanwhile, poor conditions continue to affect canola in Canada and sunflower in the Black Sea region. The sunflower suffered from an intense heat wave and lack of rainfall in Russia, Ukraine and Eastern Europe. Irreversible damage is being recorded in these areas, which are the world's main production region, accounting for almost 70% of global production. The situation is serious and the weather is expected to remain with high temperatures and no significant precipitation in the short term, which will continue to affect not only the yields, but also the oiliness of the sunflower. Highlights from global markets MATIF canola remained relatively stable during the week, and for the period 28 August - 4 September, the leading futures even managed to add just over €5 to €466.5/t. The news of the week was undoubtedly the trade war ...

Source: Agroportal