One of the things that farmers have very little influence on is the weather conditions on and around their farms. They have full control of other things such as the application of fertilizer but are fully dependent on the weather being forgiving to deliver a successful crop. It is one of the main drivers of crop development for all farmers around the world and on the mind of many buyers, traders, sellers, and other parties involved in the global agricultural commodity world.
Throughout this and last year, it has become very clear that bad weather conditions can slash the harvest of numerous crops by a lot. Drought was followed by excessive rainfall in South America, typhoons have destroyed large plantations in South East Asia and frost and drought have impacted numerous crops around the globe.
With the significantly lowered South American soybean supply not even completely harvested, new concerns over the canola planting in Canada and rapeseed crop growing in Europe are already taking over the sentiment of the oilseed complex for now.