Global: Weekly analysis of the oilseed market - March 21

Published Mar 21, 2024

Tridge summary

Recent rainfall in Argentina has boosted prospects for soybean production, sparking increased interest in alternative vegetable oils like sunflower and soybean oil. This comes as global vegetable oil markets strengthen due to decreased palm and canola oil production. Vegetable oil prices have surged this month, with global stocks predicted to fall in 2024. EU rapeseed prices have also increased due to rising vegetable oil prices and limited domestic supply. Short-term canola prices are expected to be bolstered by anticipated reductions in Canadian planted acreage, but the long-term market direction will largely depend on the vegetable oil situation.

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

Original content

The weather Recent rains in Argentina have boosted the outlook for soybean production. However, drier conditions will be possible in parts of the country's main soybean growing region, especially around Buenos Aires. El Niño, which is largely responsible for the drought in central and northern Brazil and the more favorable weather in southern Brazil, will quickly lose its strength over the next few months. La Niña will emerge later in the year, bringing with it the opposite weather conditions for the same areas. MATIF prices Highlights from global markets Global vegetable oil markets are gaining momentum in favor of bulls amid reduced production of palm and canola oil, which is driving interest in alternatives such as sunflower and soybean oil. Vegetable oil prices rose this month and the palm oil situation tightened with lower stocks mainly in Indonesia, Malaysia and India. The pressure on sunflower oil prices is no longer there as some ...

Source: Agroportal