Global oilseed markets: Market focused on northern hemisphere spring planting and weather outlook
Soybean
Brazil
Published Mar 19, 2024
Tridge summary
Despite a slowdown in U.S. soybean exports and seasonal pressure from the South American harvest, the market is shifting focus to northern hemisphere spring planting and weather prospects. South American soybean production is expected to decrease, but overall production is still predicted to hit a record high due to increased production in Argentina and Paraguay. Meanwhile, soybean oil prices have risen due to increased demand for biodiesel blending in Brazil and a strengthened global edible oil market. The U.S. Department of Agriculture predicts an increase in U.S. soybean crushing volume, despite a decline in profits, and anticipates an increase in U.S. soybean acreage in 2024.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.
Original content
Although the South American soybean harvest has brought seasonal pressure and U.S. soybean exports have slowed, this bad news has been digested, and the market focus is turning to the northern hemisphere spring planting and weather prospects. May soybean futures on the Chicago Board of Trade (CBOT) on Friday It closed at US$11.9825 per bushel, up 1.2% from a week ago; the average price of US Gulf soybeans for the April shipping date was US$12.5525 per bushel, up 1.2%; May soybean meal closed at US$334.7 per short ton, down 2%; May soybean meal closed at US$334.7 per short ton, down 2%; Soybean oil closed at 49.42 cents per pound, up 7.0%; Euronext's May rapeseed futures closed at 436.25 euros/ton, up 3.1%; Intercontinental Exchange's May rapeseed futures closed at 630.6 Canadian dollars/ton , up 3.4%; the FOB spot quotation of Argentina's Shanghe soybeans was US$427 per ton (including 33% export tax), up 1.2%. The ICE U.S. dollar index closed at 103.414 points, up 0.7% from a week ...
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