Global oilseed market: USDA confirms global bumper crop expectations, most oilseeds fall

Published 2024년 9월 18일

Tridge summary

The article provides a comprehensive overview of the soybean market, focusing on recent performance, future outlook, and various influencing factors. It notes that the November soybean futures on the CBOT saw a slight increase, while the USDA forecasts record U.S. soybean yields and global production for 2024/25. Despite this, U.S. soybean sales are lagging, and prices have fallen due to trade tensions with China. Brazil's increased biodiesel blending rate is impacting its soybean oil exports, and weather conditions in both the U.S. and Brazil are mixed, affecting harvests. Additionally, the Federal Reserve's interest rate decisions and Sino-U.S. relations add to market volatility.

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

Original content

On Friday (September 13), the November soybean futures contract of the Chicago Board of Trade (CBOT) closed at US$10.0625 per bushel, up 0.1% from a week ago; the average price of soybeans in the US Gulf for October shipment was US$10.7375 per bushel, up 0.1%; the December soybean meal closed at US$322.9 per short ton, down 0.5%; the December soybean oil closed at 38.93 cents per pound, down 1.8%; the November rapeseed futures contract of Euronext closed at 456.50 euros per ton, down 1.6%; the November rapeseed futures contract of Intercontinental Exchange closed at 541.8 Canadian dollars per ton, down 4.8%; the spot price of FOB soybeans in Upper River, Argentina was US$414 per ton (including 33% export tax), down 1.2%. The ICE dollar index closed at 101.1 2 points, down 0.02% from a week ago. The USDA maintains its forecast that the US soybean yield will reach a record level in 2024 The USDA confirmed in its September supply and demand report that the US soybean yield in 2024/25 ...

Source: Foodmate