It's time to read the agricultural market news
April 27, 2023
Oilseed complex
The stability of the Euronext market and the ongoing competitiveness of European vegetable oil is underpinning the entire complex in Europe. To this we can add the tightness of soybean and palm which are allowing the rapeseed complex to remain particularly competitive. Good demand from crushers at the beginning of the new campaign is therefore offsetting the good potential supply in the summer. The rapeseed market seems to have balanced out at around €450-460/t on Euronext.
Cereals complex
The cereal market is gradually falling to new lows given the lack of tightness across all the markets. Traders are no longer surprised by the geopolitical risks at a time when Ukrainian supply is much lower than last September and its exit from the country is being re-organised more rapidly. With regard to crop condition, only US winter wheat is showing any damage. The weather market is not yet bringing enough concerns to allow cereals to exit the bearish trend that began in October 2022.