Global's oilseed market weekly analysis, February 15, 2024

Published 2024년 2월 15일

Tridge summary

Global crop outlook varies due to inconsistent rainfall in January, with corn and soybeans performing better than wheat and rice. Unstable weather in South America could increase global cereal production but decrease oilseeds forecasts. Despite a surge in oil prices, canola prices struggle due to large inventories in Canada and a record crop in India. Brazil's soybean exports are expected to decrease slightly, and forecasts for soybean production in Brazil have been lowered due to El Niño. Meanwhile, Europe's canola crop expectations have been cut, but the global canola forecast has been slightly raised. China has large sunflower oil stockpiles, and India is buying more sunflower oil from Argentina to avoid supply disruptions. Soybean, canola, pea, and lentil prices are expected to decrease in the 2024/25 season, influenced by factors such as the use of soybeans for vegetable oils and biofuels, potential increase in US acreage in 2024, and soybean production in Brazil.

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

Original content

The weather Globally, variable rainfall in January led to a mixed crop outlook, with production conditions for corn and soybeans more favorable than those for wheat and rice. South America remains in slight contrast with unstable climatic conditions alternating good rainfall with dry weather. As a result, global cereal production is likely to be higher and oilseeds forecasts are expected to be lower than previous estimates. Highlights of the week MATIF canola tried to recover last Friday after an overnight surge in oil prices, which rose more than 3% after Israel rejected a cease-fire offer by Hamas - raising concerns about the spread of the conflict in the Middle East east. Some support for canola also came from a sharper-than-expected draw in U.S. oil inventories. Sentiment was negative again this week amid forecasts of large inventories in Canada and an expected record crop in India. The canola market in Canada was near rock bottom and after a brief ...

Source: Agroportal