World: Oilseeds market weekly review on 28 November

Published 2024년 11월 28일

Tridge summary

Favorable weather conditions in Brazil and Argentina are boosting soybean and wheat harvests, while canola harvests in Australia and Europe face mixed weather impacts. Global markets are experiencing a decline in MATIF rape prices due to political pressures and strong South American crop conditions. Despite a decline in U.S. production, soybean output is expected to rise significantly, driven by South America. Vegetable oil markets are challenged by palm oil supply tightness and rapeseed shortages, with increased EU oilseed processing. In the Black Sea region, Russia raises export duties on sunflower oil and meal, while Turkey adjusts import duties to support local processors. Additionally, Canada's canola industry is concerned about potential U.S. tariffs, which may lead to market redirection and impact European prices. High vegetable oil prices are affecting demand across various sectors.

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

Original content

Weather For another week, weather conditions in Brazil remain close to ideal for achieving the expected record soybean harvest. It will be a bit drier in Argentina, but after a week of rain, this will also favor the sowing and even more the wheat harvest. It will also remain rainy for canola in Australia, although with harvest starting, the new moisture will no longer be beneficial in places. After good rains in November, the condition of canola in Europe is also improving, and this applies not only to Western and Central, but also to Eastern (Ukraine and Russia) Europe, where last week they reported decent rains. Northern Hemisphere soybean and canola harvests are now 100% complete. Global market highlights MATIF rape continues to lose ground and easily breaks through key resistances, settling below the psychological €500/t yesterday. And while ten days ago the oil crop was "riding the crest of the wave", reaching a multi-year peak at just over €540/t, during yesterday's session ...

Source: Agroportal