Global oilseed markets weekly review as of April 11, 2024

Published Apr 11, 2024

Tridge summary

The article provides an in-depth analysis of the expected weather conditions across key agricultural regions including Australia, Canada, the US, and the Black Sea region, and their potential impact on crop production, particularly focusing on oilseeds like canola, soybeans, and sunflowers. It highlights concerns over below-average rainfall in Australia affecting the canola crop, the possibility of a new La Niña event influencing weather patterns, and the expected warmer and rainier conditions in the US Agricultural Belt. Additionally, the article discusses market dynamics, noting the volatility in MATIF rapeseed prices, the influence of Malaysian palm oil quotes on the oilseed market due to declining Malaysian stocks and a surge in Indonesian exports, and adjustments in soybean production forecasts for Brazil and the US. The piece underscores the significance of weather conditions on agricultural productivity and market trends, emphasizing the onset of the climate risk period for oilseed crops in the Northern Hemisphere.

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

Original content

Weather Below-average rainfall is expected in most of Australia's agricultural regions over the coming months, and if a new La Niña weather phenomenon forms later in 2024, it could lead to wetter conditions in eastern regions, but more dry conditions in the west-growing future canola crop of the continent. In Canada, precipitation this week is unlikely to be very heavy, although precipitation is expected to affect the prairies next week, bringing not only rain but also snow. It will also be warmer and rainier in the US Agricultural Belt. Warm and dry weather will contribute to accelerated sowing of sunflower in the Black Sea region. Global market highlights MATIF rapeseed ends a particularly volatile week, returning above the psychological threshold of €450/t for the May contract. The entire oil complex has benefited from the firmness of palm oil in Kuala Lumpur in recent weeks. Seasonal declines in production and inventories combined with increased demand have allowed palm oil ...

Source: Agroportal