Soybeans (Source: CME)
U.S. soybean futures settled lower, continuing its retreat from prior gains as slowing demand and increased competition from South America weighed on prices. Chinese demand in the world soybean market has slowed amid negative Chinese soy crush margins, and with weak cash basis levels in South America, traders had little to incentive to push prices, analysts said. Talk of China is rolling South American soy purchases as well as switching a few U.S. soybean purchases to Brazil provided profit taking opportunities after last week's run to six week highs, analysts added. CBOT May soybeans ended 10 3/4c or 0.8% lower at $13.73 1/4.
Soybean Meal/Oil (Source: CME)
Soy product futures ended lower, with soymeal backpedaling on spillover weakness from soybeans slumping domestic and world crush margins, analysts said. Soyoil drifted lower, but failed to receive the same selling interest as soymeal amid bullish biofuel outlooks, analysts added. CBOT May soyoil ended 0.03c or 0.05% lower at 58.85 cents per pound, and May soymeal settled $3.40 or 1% lower at $353.60 per short ton.
Palm off 2-week high on ample supplies, S.American crop
KUALA LUMPUR, April 5 (Reuters) - Malaysian palm oil futures fell after hitting a two-week high earlier in the session as traders shifted their focus to ample supplies of the tropical oil and the incoming South American soy crop. "Market is on an adjustment towards 3,350 ringgit per tonne after it went up due to firm crude and bullish USDA report earlier," said a trader in Kuala Lumpur.
Brazil soy crop raised to record 70.6 mln T
SAO PAULO, April 4 (Reuters) - Brazil's 2010/11 soybean crop, which is more than two-thirds harvested, is seen at a record 70.56 million tonnes, up from the March view of 69.8 million tonnes, grains analysts Celeres said on Monday.
In the ninth report on the new crop by the analysts, Celeres said average Brazil yields had improved from last months data to 2.936 tonnes per hectare from 2.917 tns/ha in March. "With this, it is apparent that average yields could repeat the value registered last crop," which was an exceptionally good year, the report said.
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