World: Oilseeds market weekly analysis on January 11, 2024

Published Jan 12, 2024

Tridge summary

December's heavy rains had a positive impact on soybean yield in Argentina, with favorable weather conditions expected to continue into January. However, the outlook for soybean production in Brazil is weak, leading to a decrease in prices. Additionally, the removal of import reference prices in Turkey and improved prospects in Brazil are contributing to the downward trend in oilseed prices.
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

The weather Heavy rains in December had a beneficial effect on soybeans. According to data from the Rosario Grain Exchange, the expected yield for the crop amounts to 50 Mt. The Buenos Aires exchange, which has not updated its forecast since September, when it predicted 50 Mt of soybeans, expects that weather conditions in January will likely continue to be favorable for potential yields. So far, moderate temperatures are expected with a low risk of extreme heat, combined with prolonged rainfall to help replenish soil moisture reserves. Meteorologists predict that the month of March may bring a decrease in rains and an increase in temperatures. Despite the weak outlook for production in Brazil, recent rains have eased yield tensions slightly. Highlights of the week Rapeseed markets came under pressure due to falling soybean prices, which saw the May contract in Paris end the week at EUR424.25/t, down EUR16.50/t. Futures for the new season (Nov-24) also fell to ...
Source: Agroportal
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