Soy product futures ended higher in unison with soybeans. Soyoil futures were the upside leader of the products, with huge sales of soyoil announced by USDA Tuesday morning providing a fresh dose of bullish news to lift prices, said Steve Freed, analyst with ADM Investor Services in Chicago. December soyoil settled 0.93 cents or 2.3% higher at 41.79 cents per pound. December soymeal ended $3.40 or 1.1% higher at $306.70 per short ton.(Source: CME)
Chinatex: 2011 China Soy Crush Capacity Above 100 Mln Tons.(Source: CME)
China's daily soybean crushing capacity is likely to rise to about 350,000 metric tons next year, taking total capacity next year beyond 100 million tons, Chinatex Corp. Vice President Luan Richeng said. This year's daily crushing capacity was about 300,000 tons, Luan told an industry conference. Chinatex is a major state-owned trader of agricultural commodities and textiles. The trading company expects the country's imports of cotton, soybeans and vegetable oils to grow steadily, Luan said. Soybean imports in the 2009-10 marketing year ending in October are likely to reach 49.5 million tons, he said. The estimate is in line with U.S. Department of Agriculture forecasts published last month.
Palm oil imports of around 6 million tons are expected in the same marketing year, Luan said. Cotton production in 2010-11 is expected to edge up 1.5% to around 7.18 million tons, while consumption is projected to rise 3.1% to 10.88 million tons and imports to grow 14.3% to 2.72 million tons, he said.
Palm oil inches up on demand recovery hopes
KUALA LUMPUR, Sept 7 (Reuters) - Malaysian crude palm oil futures on closed higher Tuesday as some traders took positions on expectations for a recovery in exports this month although lower crude oil sapped sentiment.
"The market is going sideways, probably investors are waiting to get some hints from the exports data," said a trader with local brokerage in Kuala Lumpur.
India's 2010/11 soymeal exports seen sharply up
MUMBAI, Sept 7 (Reuters) - India's soybean output in 2010/11 is likely to top last year's and meal exports from the new crop are likely to rise significantly as lower bean prices are seen giving edge to Indian exporters, a senior industry official said.
The Central Organisation for Oil Industry and Trade estimates the country's soybean output in 2009/10 was 8.5 million tonnes, down 4.4 percent due to deficient rains that pulled down yields.
Brazil forward sells 14 pct new soy crop-Celeres
BRASILIA, Sept 6 (Reuters) - Brazilian soybean producers have sold 14 percent of the 2010/11 soybean crop that farmers are preparing to plant this month, up from 13 percent a week ago, analysts Celeres said on Monday.
Sales of the new crop as of Sept. 3 were 1 percentage point ahead of this time last year, Celeres said, but 1 percentage point behind the 15 percent already sold on average by this stage over the last five years.
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