Oilseeds News, 4th / Jul / 2024

Soybeans: The price decline that has been ongoing since the end of May-24 due to more favorable future supply prospects with good South American harvest results and a considerable increase in US soybean acreage seems to have bottomed out for the time being. The US prices are oriented towards the 1150 ct/bu line (just under 400 €/t) with graduated prices in and after the US harvest.

The global supply situation in the soybean sector for the coming 2024/25 marketing year is classified by the USDA and IGC as above average. High export volumes are available from the three major production areas Brazil, the USA and Argentina, which have a market share of almost 80 %. China, the world's largest importer with a trade share of around 60%, will increase its imports, but there are no fears of bottlenecks as a result.

Palm oil: Production in the main growing regions of Malaysia and Indonesia is heading towards its annual peak in Oct. 24, although this will not reach the high growth rates of previous years. Palm oil prices have recently shown a strong upward trendagain . Due to the considerable proportion of use for biofuels, prices arestrongly influenced by the price of crude oil. As the market leader in the oil sector, palm oil prices have a major influence on all oilseed crops such as rapeseed.

Rapeseed: Rapeseed prices generally follow the two market leaders, palm oil and soybeans. At the moment, the rising palm oil prices are setting the tone. Rapeseed prices have briefly risen towards €500/t, but cannot quite maintain this level. The upcoming rapeseed harvest in the EU, the world's largest production region, is still smaller than in the previous year, meaning that imports remain at a high level. Potential suppliers Canada, Ukraine and Australia are likely to have smaller harvests. Rapeseed prices remain comparatively high, but are capped by soybean prices.