Soyoil futures ended lower, succumbing to pressure from adjustments in the meal/oil spread relationship and spillover weakness from crude oil futures. Crude oil influences soyoil due to its use in making renewable fuels. December soyoil settled 0.27 cents or 0.7% lower at 39.29 cents per pound. (Source: CME)
Brazil Soy Sales At 78% Of '09-10 Crop As Of July 23 - Celeres(Source: CME)
Brazilian farmers have sold 78% of the 2009-10 soybean crop as of July 23, local agricultural consultancy Celeres said in a weekly report.
Celeres said in the report issued Monday that Brazil, which is the world's No. 2 soy producer after the U.S., has shown a rise in soybean sales from 76% the week before. Sales are down from 83% at the same time a year ago.
Brazil is expected to have produced a record 68.5 million metric tons of soybeans for the 2009-10 crop season, compared with 57 million tons the previous crop year.
Many producers sold cautiously during the year and recently made new sales during periods of high volatility of the Chicago Board of Trade, Celeres said.
This also coincided with a period in which farmers plan to raise working capital for the upcoming 2010-11 crop season, the report said.
Brazil finished harvesting the 2009-10 soy crop in May.
Farmers in Mato Grosso, Brazil's No. 1 soy-producing state, have sold 94% of their soy as of Friday compared to 93% the week before and steady with 94% a year ago, Celeres said.
Mato Grosso's farmers were the first to start their harvest and took the opportunity to sell earlier than other states.
Parana, the No. 2 soy-producing state, sold 66% of its beans as of Friday compared to 64% the week before and 79% a year earlier, Celeres said.
Rio Grande do Sul, the country's No. 3 soy-producing state, sold 49% of its soy as of July 23 versus 46% the prior week and 57% a year earlier, Celeres said. Rio Grande do Sul is typically one of the last states to harvest and sell its beans.
Palm oil at 1-week low on markets, ringgit
KUALA LUMPUR, July 27 (Reuters) - Malaysian crude palm oil hit a one-week low on Tuesday as investors booked profits on last week's rally, and as soyoil weakened.
"The market is settling into a technical correction after last week's rally and weaker markets generally," said a trader with a foreign commodities brokerage. "The ringgit is also keeping refiners away for the moment."
Analyst cuts Ukraine 2010 rapeseed crop forecast
KIEV, July 27 (Reuters) - UkrAgroConsult agriculture consultancy on Tuesday revised down Ukraine's 2010 rapeseed crop forecast to 1.5 million tonnes from the previous estimate of 1.6 million due to a fall in harvesting area.
Severe frosts followed by a record summer heat have killed about 40 percent of rape crops sown to the 2010 harvest.
Brazil 09/10 soy sales reach 78 pct crop - Celeres
SAO PAULO, July 26 (Reuters) - Brazilian soybean producers have sold 78 percent of the record 68.5-million-tonne 2009/10 crop by July 23, up from 76 percent the week prior, analysts Celeres said on Monday.
Sales of the new crop were still behind the 83 percent sold of the previous crop last year at this time, Celeres said.
Soyoil widens premium to palm as buyers chase cargoes
KUALA LUMPUR, July 27 (Reuters) - Soyoil's premium over Asian palm oil is expected to rise in the second half of 2010 as food and fuel demand run down supplies and fears grow that a prolonged spell of hot weather may hurt the U.S. soy crop.
Strong buying from Asian giants China and India for the festival season starting in August, and aggressive domestic biofuel mandates in the Americas, are swallowing up bumper soy crops in Argentina and Brazil faster than usual.
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