ITS export cargo surveyor down 13.6% to 1,219,886 tonnes.
SGS export cargo surveyor down 17.8% to 1,152,411 tonnes.
Soy product futures ended lower Monday, backpedaling in unison with soybeans. Soymeal was directly influenced by weakness in beans, while soyoil garnered additional pressure from declines in crude oil and abundant inventories. Fresh export sales reported by USDA Monday morning failed to offset the bearish theme in the market. December soyoil settled 0.27 cents or 0.7% lower at 40.53 cents per pound. December soymeal ended $0.80 or 0.3% lower at $298.70 per short ton.(Source: CME)
China Edible Oil, Soybean Futures Lead As Dalian Rallies(Source:CME)
Edible oils and soybeans led the agriculture complex higher on the Dalian Commodity Exchange Monday, tracking gains on the Chicago Board of Trade as U.S. prices consolidated above the psychological $10-a-bushel resistance level breached last week. The most-active May soybean contract on Dalian gained 1% to settle at CNY4,062 a metric ton. May palm oil rose 1.6% while May soyoil settled 1.3% higher, buoyed by the prospect of rising demand for edible oils and feedmeal ahead of high autumn consumption. Rising equity and commodity markets lent support to farm futures. "Commodities are on the upswing again on the domestic macroeconomic outlook (and) reassurances that the economy is still on a track of stable growth," Galaxy Futures analyst Wang Xiaoguang said.
U.S. soybean futures climbed to one-week highs Friday, and extended their gains in Asian trade Monday on the back of strong export demand and ongoing concerns over yield and production potential. Corn and soymeal also rose in Dalian.
China sees early frost in parts of northeast soy area
BEIJING, Aug 31 (Reuters) - The China Meteorological Administration forecasts early frost in the next 10 days in the northern parts of Heilongjiang province, the country's top soy area and also a major corn growing area. Grain markets have been concerned over the weather in the northeastern areas, which produce about 40 percent of the country's corn.
La Nina seen threatening Paraguay's soy crop
ASUNCION, Aug 30 (Reuters) - Soy output in Paraguay, the world's No. 4 supplier, will likely suffer this season due to forecasts for a 40 percent decline in rains caused by La Nina weather phenomenon, the government said on Monday. The South American country produced a record soy crop of 7.4 million tonnes of 2009/10 soy, though its fast-growing output is still small compared with that of neighboring Brazil and Argentina, the No. 2 and No. 3 exporters.
European vegoils firm on supply worries
ROTTERDAM, Aug 30 (Reuters) - The European vegetable oils market firmed on Monday on worries that adverse weather in various parts of the world would reduce global oilseed stocks, market sources said. "Friday's Chicago soyoil futures and Monday's palm oil futures rallied on worries for smaller crops than earlier expected, plus increased demand for oil ahead of religious festivals in Asia. Buyers were a little reluctant, still expecting a bumper U.S. soybean crop," one broker said.
China soy imports may dwindle as costs hurt margins
SINGAPORE/BEIJING, Aug 31 (Reuters) - China's soybean imports are likely to slow from their recent record monthly pace, as costly imported beans turn crushers' margins negative and the potential for sales from state reserves looms over the market. Higher prices for U.S. beans and expensive ocean freight have raised the cost of imports, while sales from state reserves could be needed to make room for the harvest from October.
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