World: Oilseed markets weekly review on 31 October 2024
Published 2024년 10월 31일
Tridge summary
Key points from the article:
- Weather forecasts predict heavy rainfall in Brazil and Argentina, which could affect soybean market prices. The US is expected to see significant rainfall after a dry September, while Europe and the Black Sea region will be dry.
- Global oilseed markets rose last week, with CME soybean futures gaining $6.52/t to settle at $362.90/t due to increased US soybean exports to China.
- Malaysia's palm oil futures and canola futures in Paris also rose last week, driven by expectations of lower production and increased demand.
- The EU's soybean imports in the 2024/25 season reached 3.78 million tons, an increase from the previous year. However, the rapeseed crop in Ukraine for 2025 is expected to decrease by 20% due to a smaller sown area and bad weather.
- Sunflower oil supplies from Black Sea countries are expected to drop by 18% for the 2024/25 marketing year, primarily due to a weaker sunflower crop in Bulgaria and Romania.
- Weather forecasts predict heavy rainfall in Brazil and Argentina, which could affect soybean market prices. The US is expected to see significant rainfall after a dry September, while Europe and the Black Sea region will be dry.
- Global oilseed markets rose last week, with CME soybean futures gaining $6.52/t to settle at $362.90/t due to increased US soybean exports to China.
- Malaysia's palm oil futures and canola futures in Paris also rose last week, driven by expectations of lower production and increased demand.
- The EU's soybean imports in the 2024/25 season reached 3.78 million tons, an increase from the previous year. However, the rapeseed crop in Ukraine for 2025 is expected to decrease by 20% due to a smaller sown area and bad weather.
- Sunflower oil supplies from Black Sea countries are expected to drop by 18% for the 2024/25 marketing year, primarily due to a weaker sunflower crop in Bulgaria and Romania.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.
Original content
Weather In early November, weather forecasts indicate continued heavy rainfall in Brazil and Argentina and will certainly continue to put pressure on soybean market prices. After a completely dry September, the United States is expecting months-unseen precipitation that is impressive both in terms of its scope and expected amounts. With 10% unharvested soybeans, this can be a problem for the final stage of harvest. In Europe, it will be almost completely dry and with normal temperatures for the season. It will also be dry in the Black Sea region, without Russia, where significant rainfall is finally expected. Global Market Highlights Global oilseed markets rose last week (Friday to Friday). CME soybean futures (November 2024) gained $6.52/t to settle at $362.90/t. This increase was mainly due to an upward trend in US soybean exports to China, the world's largest buyer, which offset pressure from the US harvest and a favorable weather forecast in South America. China increased its ...
Source: Agroportal
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