Soy product futures bounced in unison with soybean futures, underpinned by ongoing fears of reduced Argentina production. Argentina is the world's leading exporter of soy products, and any cut in soybean availability for crushing there could shift some demand to U.S. shores, analysts said. CBOT March soyoil ended 0.31c or 0.5% higher at 57.13 cents per pound, and March soymeal traded $7.90 or 2.2% higher at $370.60 a short ton. (Source: CME)
Brazil's Advance Soy Sales Reach 42% Of 2010-11 Crop (Source: CME)
Brazilian farmers have sold 42% of their 2010-11 soy crop compared with 24% one year ago, consultancy Celeres said. The figure is a rise from 40% one week ago, according to the Uberlandia, Brazil-based consultancy. Brazil growers are selling more of their crop in advance this year though the planting of the 2010-11 crop was done at the same time as the year-earlier seeding, according to Celeres in its weekly report released on Monday. The estimates released today are for the period ended Jan. 7. Farmers are selling more in advance this year "basically because of the good prices," Leonardo Menezes, an analyst for Celeres, told Dow Jones Newswires by telephone from Uberlandia. The soy farmers reduce their risk by selling more of their crop in advance, he said. Soy prices paid this past Friday were 1.2% higher than those paid 30 days ago, though the quotations fell last week.
Palm oil falls on small decline in Malaysian stocks
KUALA LUMPUR, Jan 10 (Reuters) - Palm oil fell as a smaller-than-expected decline in stocks gave traders an excuse to book profits although concerns over global vegetable oil supplies limited losses.
"Some traders are extending long liquidation moves from last week thanks to the Malaysian Palm Oil Board data, but exports show some sign of starting to recover," said a trader with a foreign commodities brokerage.
China 2010 soybean imports record 54.8m T
BEIJING, Jan 10 (Reuters) - China's soybean imports in 2010 totalled a record 54.8 million tonnes, up 28.8 percent from the same period last year, the General Administration of Customs said on Monday.
In December alone, the country imported 5.43 million tonnes of the crop, down 0.9 percent on the month but up 14 percent on the year.
India's vegoil buy up on Indonesian palm export tax hike
NEW DELHI, Jan 10 (Reuters) - India's vegetable oil imports in December rose 8.3 percent from November as buyers stepped up purchases expecting a higher export tax by the world's top palm oil producer Indonesia, a Reuters survey showed.
Late last month, Indonesia increased the tax on crude palm oil to 20 percent for January, up from 15 percent in December.
US soy stocks seen tighter for 5th straight month
CHICAGO, Jan 7 (Reuters) - Strong Chinese export demand for U.S. soybeans prompted the U.S. Department of Agriculture to trim its forecast of U.S. soybean ending stocks in each of its last four monthly reports, and that trend should continue with the next edition due out Jan. 12, analysts said.
Even though the pace of sales to China has slowed in recent weeks, many analysts believe that USDA's most recent estimate of U.S. soybean exports, at 1.59 billion bushels, is too low.
USDA seen cutting South America crop outlook
CHICAGO, Jan 7 (Reuters) - Analysts expect the U.S. Department of Agriculture (USDA) to trim its outlook for South America's corn and soy production, but offered a wide range of estimates for how deep the cuts will be.
USDA will release updated world crop production data on Wednesday at 7:30 a.m. CST (1330 GMT) in addition to fresh U.S. production numbers, ending stocks data and U.S. winter wheat seedings.
U.S. corn stocks seen at 15-year low
CHICAGO, Jan 7 (Reuters) - U.S. corn stocks are expected to slump to the lowest level in 15 years this year due to strong demand, possibly stoking global food prices which hit a record high last month, a Reuters Poll of analysts showed.
Analysts also said harsh weather cut corn output to 12.502 billion bushels from the previous year's record 13.110 billion and below the U.S. Department of Agriculture's (USDA) forecast in November for 12.540 billion bushels.
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