Soy product futures ended mixed, with meal/oil spreading buoying soymeal futures. Soymeal followed soybeans higher on strong demand, while soyoil came under pressure from ample supplies and spillover pressure 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 39.82 cents per pound. December soymeal ended $1.80 or 0.6% higher at $294.90 per short ton. (Source: CME)
China July Soybean Imports 4.95 Mln Tons, Up 12.5% On Year(Source: CME)
China's soybean imports in July rose 12.5% on year to 4.95 million metric tons, the General Administration of Customs said Monday. For the first seven months of the year, soybean imports rose 16.2% to 30.76 million tons. July soybean imports fell 20% from the all-time record volume imported in June. China is the world's biggest importer of soybeans and gets most of its supplies from the U.S., Brazil and Argentina, the world's leading soybean producers.
Brazil 2009-10 Soy Sales Steady At 85% As Of Aug. 20 -Celeres(Source: CME)
Brazil's soy sales remained steady at 85% of the 2009-10 soybean crop as of Friday, 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., saw sales unmoved at 85% compared to the week before. Sales were also down from 90% at the same time a year ago. Farmers in Mato Grosso, Brazil's No. 1 soy-producing state, sold 96% of their soy as of Friday, steady from the week before and 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. For the upcoming 2010-11 crop, Brazil's farmers have also begun selling, and they often swap beans for other items such as seeds or fertilizers. Celeres said that 12% of the 2010-11 crop was sold as of Friday, from 11% in the previous week and 11% at the same time a year ago. Brazil finished harvesting the 2009-10 soy crop in May.
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.
Palm oil off 3-week lows, ringgit weighs
KUALA LUMPUR, Aug 23 (Reuters) - Malaysian crude palm oil futures ended 0.6 percent higher on Monday after touching fresh three-week lows earlier in the session over concerns that a stronger ringgit will hurt refiner margins.
Traders are on the lookout for new cues after palm oil futures last week notched their biggest weekly fall since October as traders took profits from a recent weather-induced rally in agriculture markets as well as lower palm oil exports.
"The market was oversold so there's a bit of retracement, but the trading range is between 2,500 and 2,600 ringgit," said a trader with a foreign brokerage in Kuala Lumpur.
Argentine soy farmers fear curbs on herbicide use
BUENOS AIRES, Aug 20 (Reuters) - Lawmakers in leading soy-growing provinces in Argentina are considering proposals to limit the use of the herbicide glyphosate, worrying farmers but drawing praise from environmental activists.
The lower house of the provincial Congress of Santa Fe, the No. 2 soy province, has approved a bill that would limit glyphosate spraying close to urban areas. In Buenos Aires, the No. 3 soy province, a local senator has presented a proposal to ban the herbicide by 2019.
No comments:
Post a Comment