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...
The U.S.-Mexico-Canada Agreement (USMCA) enters its mandated six-year review on 1 July. The original intent of the review is outlined in Article 34.7, which obligates members to: Provide recommendations and decide on appropriate actions. Extend the USMCA for another 16 years and meet aga...
Key Market Insights Geopolitical Limbo: Geopolitical risk remained a key driver across global commodity markets today. President Trump stated that the Iran memorandum of understanding is not yet final and warned that military action could resume if negotiations fail. Both sides continue w...
Key Takeaways: Drought remains a major threat to global agricultural production, particularly in regions with limited rainfall and growing water scarcity. Commercially available drought-tolerant traits in corn, soybeans, and wheat have generally delivered modest yield improvements, limiting th...
