Weekly analysis of the global oilseed market on March 14, 2024

Rape Leaves

Canada

Ukraine

Published Mar 15, 2024

Tridge summary

The shift to La Niña this summer is predicted to increase Atlantic tropical storms and hurricanes, impacting global crops. This includes delayed rapeseed harvests in India due to heavy rains and hail, and increased soil moisture in Australia due to significant rainfall. This has led to a rise in MATIF canola and Malaysian palm oil prices. Other impacts include a decrease in EU rapeseed imports, an increase in Brazil's soybean exports, and a five-year low in China's soybean imports due to processing and logistics delays. The USDA predicts increased sunflower, soybeans, and cotton production in Turkey due to improved weather, while Ukraine's grain and oilseed production is expected to decrease.

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 Current forecasts point to a transition to La Niña this summer, which will lead to increased formation of tropical storms and hurricanes in the Atlantic. Heavy rains accompanied by hail have affected the rapeseed crop in India. This is delaying the harvest and is expected to reflect negatively on production, as the smaller crop may force India to import vegetable oils from abroad. Australia received significant rainfall during the week, particularly in eastern and tropical coastal Queensland, which is expected to restore significant soil moisture to much of the cropland. MATIF price Highlights from global markets MATIF canola rose 3.1% to a three-month high. The market was supported by the forecast of less planted canola acreage in Canada, a reduced estimate for the soybean crop in Brazil, unfavorable weather in France and higher vegetable oil prices. Malaysian palm oil prices have risen sharply since early February, returning to ...

Source: Agroportal