The Market It was another down week for the oilseeds complex. November soybeans lost 44 cents to a one month low, December soymeal is off $6.30 and December soyoil gave up 2.44 cents. Global vegetable oil markets are weak. Palm oil hit a three-month low at 3,657 ringgits/MT ($779.91) and canola is called oversold.
There is a confluence of negativities:
Harvest pressure. Large Brazilian old and new crops. Lagging U.S. exports (-34 percent). Argentina being price aggressive, selling at a 19.5 cent/pound discount to Chicago futures. Macroeconomic weakness. Imports of used vegetable oil for biodiesel. Ukraine exporting despite the war.
The IGC reduced its forecast for global soybean production in 2023/24 by 0.5...
What You Need to Know Today: The hot, dry weather forecast continues to drive strength in grain futures with corn and soybeans hitting another day of strong gains. Monday’s Crop Progress and Conditions data were in line with market expectations and showed relatively few concerns for the...
Yesterday we wrote about the Q1 GDP numbers and the June employment reports in an article entitled Real GDP for Q1 Relying on AI Buildout, Held Back by Consumer Spending. That article mentioned that consumer spending had become a drag on GDP. Nonetheless, real GDP in Q1 was revised upward to 2...
Key Takeaways: The Middle East and North Africa's arid climate and limited water resources have created a structural dependence on imported wheat. Government wheat tenders in major importing countries serve as important benchmarks for global trade, providing insight into exporter competitivene...
