Weekly overview of the global oilseed market (26 September)

The weather Australia has seen mostly dry weather recently, unfavorable for canola. However, a rain front will try to distribute much needed rain over the eastern and western areas over the next few days. US weather will remain favorable for the advancing soybean harvest, which is 13% off versus 8% over the past five years. 64% of soybeans remain in good to excellent condition, up from 50% at this time last year. The European part of the Black Sea region expects to receive favorable rainfall in the coming days, which will benefit the sowing campaigns. Highlights from global markets MATIF canola has performed quite convincingly since the start of the week, benefiting from the support of higher US soybean futures, Canadian canola, as well as the general strengthening and appreciation of the vegetable oil complex. Thus, the November front futures rose in price by over €17/t, reaching €480/t yesterday – a level not seen since the end of July. Rapeseed imports into the EU ...