Soy product futures ended mixed, with soymeal gaining product value share on spreads. Stability in corn futures a competing feed with meal buoyed soymeal and enticed traders into unwinding some newly established soyoil/soymeal spreads, analysts said. December soyoil settled 0.38 cents or 0.9% lower at 43.45 cents per pound. December soymeal ended $2.40 or 0.8% higher at $292.30 per short ton.(Source: CME)
Brazil Soy Output Seen At 69.1M Metric Tons In 2010-11 - Celeres(Source: CME)
Brazil is estimated to produce a record 69.1 million metric tons of soybeans for the 2010-11 crop season, local agricultural consultancy Celeres said in a weekly report. Celeres said in its crop estimate for the upcoming 2010-11 season that Brazil's soy output was 0.9% higher than 68.5 million tons in the 2009-10 season. Rains in late September have temporarily eased concerns about the negative impact of a prolonged dry spell in key growing regions, but farmers still remain concerned about the level of moisture in the soil, Celeres said.
Celeres also hiked its previous crop estimate by 1.8% for Brazil, the world's No. 2 soy producer after the U.S., for the crop that is just beginning to be planted. Brazil should see 23.6 million hectares of land devoted to growing soy in 2010-11, up 1.2% from 2009-10, Celeres said. Output and planted area are set to increase as farmers opt to sow more soy than rival crops such as corn or cotton. Farmers are expected to see an average production of 2,926 kilograms per hectare, down 0.4% from the previous crop season when growing conditions when viewed as highly favorable, the report said.
Weak grain markets drag palm oil to two-wk lows
KUALA LUMPUR, Oct 4 (Reuters) - Global vegetable oil markets fell sharply, infected by a sell-off in grains markets after a report of larger-than-expected U.S. corn stockpiles.
"The drop in Malaysia palm oil could be a one day effect as the market is still supportive," said a trader with foreign brokerage in Kuala Lumpur.
Argentina may change seed law to promote new GM soy
BUENOS AIRES, Oct 1 (Reuters) - Argentina's government is considering reforming the country's seed law in a bid to foster use of new varieties of genetically modified (GM) soybeans and boost output in the world's No. 3 soy supplier.
The bill, which has not yet been sent to Congress, has been drawn up in consultation with seed companies and should reduce the risk of disputes like the one Argentina sustained for years with Monsanto over Roundup Ready-resistant soy.
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