News

Weekly global oilseeds market analysis on February 29, 2024

Soybean
Argentina
Sunflower Seed
Malaysia
Published Mar 1, 2024

Tridge summary

Climate change and El Niño are predicted to cause record high global temperatures in February, leading to early plant blooming and extreme weather conditions, impacting the agricultural sector. Soybean production estimates have been lowered in Argentina and Brazil, despite the USDA predicting increased soybean acreage due to biofuel demand. However, soybean futures have dipped due to strong South American harvests and decreased demand from major importers. Meanwhile, Malaysian palm oil production is expected to drop in February, and sunflower oil prices have decreased by 7% in the past month. Despite these challenges, canola and palm oil have seen significant recovery. Market participants are advised to stay alert to these trends and potential supply-demand imbalances in the complex and evolving oilseed market.
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 February is set to have its highest average global temperature on record due to climate change and the warming of the eastern Pacific known as El Niño. Spring conditions caused plants from Japan to Mexico to bloom early, left ski slopes snowless in Europe and raised temperatures to 38C in Texas. These extreme weather conditions leave the agricultural sector with significant vulnerability to economic losses. Highlights of the week Soybeans and soybean meal struggled during the week, with rain in Argentina improving crop prospects, but the Rosario Grains Exchange still lowered its production estimate to 49.5 Mt. Forecasts for Brazil's soybean crop are also being revised downward, with the International Grains Council estimating it at 150.5 Mt. At the same time, Abiove also reduced the forecast for exports from Brazil to 97.8 Mt from 98.1 Mt in the previous report. The popularity of soybeans among US farmers for the 2024/25 season is generating ...
Source: Agroportal

What to read next

News
Bolivia and Argentina, main markets for Paraguayan Brahmin genetics
Productivacm · Apr 26, 2024
News
THE USDA predicted lower Chinese purchases of beef, but for now it is not happening: Business grew 22% in the first quarter, although with lower prices
Agromeat · Apr 27, 2024
News
The European Parliament approves a review of the common agricultural policy
Chacra Magazine · Apr 26, 2024
News
Zambia authorizes import of Brazilian corn to alleviate food crisis
CanalRural · Apr 26, 2024
News
INAC activated promotion in supermarket chain in China
Agromeat · Apr 27, 2024

Read more relevant content

Opinion
Sugar Demand Surges in India Amid Summer Heat and General Elections
Mzingaye Ndubiwa · Apr 26, 2024
On-the-Ground Updates
Frosty Weather in Poland Disrupts Apple Orchards, Prices Set to Rise in 2024
Theodoros Damvakaris · Apr 25, 2024
Opinion
Forecasting Supply Chain Impact after EUDR Implementation: Lessons learned from EUTR
Hyunwoo Lee · Apr 25, 2024
Opinion
Implications of the EUDR for the Malaysian and Indonesian Palm Oil Industries upon Implementation
Benjamin Lategan · Apr 25, 2024
Opinion
Export Performance of Chile’s Processed Fruits During Jan-24 and Feb-24
Xchel Perez · Apr 24, 2024
Opinion
Ensuring Compliance and Sustainability in the Cocoa Industry: Collaboration with the Rainforest Alliance
Mzingaye Ndubiwa · Apr 24, 2024
On-the-Ground Updates
Price of Fresh Cuttlefish Surged 9.1% WoW in the Italian Market Due to an Abundant Supply
Giselle Landaeta · Apr 24, 2024
Opinion
The Bittersweet Story of Traceability and Ethical Sourcing Practices of Confectionery Industry Leaders
Sun Jae Lee · Apr 24, 2024
By clicking “Accept Cookies,” I agree to provide cookies for statistical and personalized preference purposes. To learn more about our cookies, please read our Privacy Policy.