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May 26, 2023
With the global economic environment still fragile, the lack of firmness for crude oil and the decline in vegetable oils are fuelling the bearish trend on all the oilseed complex’s markets. This bearish spiral is fuelling itself with supply expected to be comfortable over the next few months for soybean, rapeseed, and sunflower. Yet the harvests are still a long way off and crop development throughout the world may still have some surprises in store. Even though the trend is still bearish on the oilseed markets, the weather market period remains a source of volatility to be monitored.
Pending greater stability in the US economic situation, the commodity markets are caught between significant supply in the short term, and weather and geopolitical risks in the long term. The global economic slowdown is therefore putting the cereal balance sheets under pressure, with demand struggling to rally in the main importers, including Asia. The focus is now on the next harvest and the highly uncertain weather, which has already started to harm winter-wheat yields, as is the case in the USA.
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