Weekly overview of the global oilseed market on May 9, 2024

Published May 10, 2024

Tridge summary

Heavy rains in the US have aided faster soybean planting, while flooding in southern Brazil has led to speculative increases in soybean prices due to harvest delays. MATIF canola is performing well, with expectations to surpass €500/t, as global exports of rape and canola are projected to decrease by 15% due to lower planted areas and adverse weather conditions in Western Europe. Soybean futures have rallied due to anticipated production declines in South America. In the Black Sea region, Ukrainian sunflower stock levels are below last year's, which could lead to reduced processing until the new crop arrives in September.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

The weather Heavy rains have been observed in the US this week, and the forecast for next week is characterized by normal weather conditions. Despite frequent rains, farmers are making faster-than-expected soybean planting progress, and that pace is likely to continue. Flooding in southern Brazil, particularly in the Rio Grande do Sul, caused speculative increases in soybean prices due to harvest delays. With 25% still to harvest, losses in Rio Grande do Sul are estimated at 2-3 Mt. Highlights from global markets MATIF canola is performing exceptionally well, crossing and holding levels of €480/t for the front futures, which is almost equal to the peak from late August last year, and has all the prerequisites to overcome it. If that happens, the next obvious target will be the round and psychological €500/t. Following lower planted areas worldwide, as well as those affected by excessive moisture and low temperatures in Western Europe, prices are now supported by OilWorld data, ...
Source: Agroportal
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