Soy Oil chart reading : side way range bound.
ITS CPO export down 20.6% to 418,134 tonnes for the period of 1~15 Apr 2011.
SGS CPO export down 13.1% to 452,038 tonnes for the period of 1~15 Apr 2011.
Soybeans (Source: CME)
US soybean futures stumbled, reflecting slowing export demand and competition from Brazilian production. The threat of further cancellations of US soy sales to China due to poor crush margins there and cheaper Brazilian prices pressured futures, says Tim Hannagan at PFG Best. An aggressive harvest of a projected record Brazilian soybean crop weighed on prices as well as fresh South American supplies take away the urgency to curb US usage. Meanwhile, futures garnered pressure from weather conditions as any threat to corn plantings due to wet, cool conditions increases the odds of increased soybean seedings, Hannagan says. CBOT May soy settled down 2 1/2c at $13.31/bushel.
Soybean Meal/Oil (Source: CME)
Soy product futures end mostly higher, finding stability after tumbling on a broad based sell-off Tuesday. Soyoil finished higher, buoyed by solid global vegoil demand and a recovery in crude oil futures, analysts said. Soymeal finished near unchanged, unable to hold initial gains on poor domestic demand, analyst said. CBOT May soyoil ended up 0.12c or 0.2% at 57.36 cent a pound, and May soymeal finished down $0.20 or 0.06% at $342.20 per short ton.
China Soybean Futures Fall On Weak Demand (Source: CME)
Soybean futures on the Dalian Commodity Exchange notched losses for the third consecutive session, brushing aside a rebound in U.S. counterparts overnight, reflecting weak demand in China. The benchmark January soybean contract settled 0.6% lower at CNY4,562 a metric ton, running counter to the May soybean contract on the Chicago Board of Trade closing up 0.3% at $13.3350 a bushel overnight. Demand from China, the world's largest soybean importer, is in focus as speculation on weather conditions hasn't started yet, said Xu Wenjie, an analyst at Zheshang Futures Co. "It's clear that China's import demand is very weak now," he said. "China's imports in the second half of the marketing year ending Sept. 30 will certainly fall from a year earlier."
Domestic importers have canceled three cargoes of soybeans due to poor margins, and are negotiating with suppliers on either the cancellation or postponement of at least 10 other cargoes, he said, without elaborating. Further damping market sentiment is the government's planned sale of about 3 million tons of soybeans to major crushers at CNY3,500/ton, about CNY300 lower than market soybean prices, in exchange for an agreement to keep edible oil prices stable.
Argentina Exchange Raises Soy Estimate To 49.2M Tons (Source: CME)
The Buenos Aires Cereals Exchange increased its forecast for 2009-10 soybean production to 49.2 million metric tons, up from 48.8 million tons forecast last week. Despite early drought, steady showers in recent months allowed much of the crop to recover and yield prospects have steadily improved. To date, 43% of the soybean crop has been harvested. Argentina is the world's third largest soybean exporter and leads soymeal and soyoil exports. The exchange also increased its corn forecast to 20 million tons from 19.5 million tons, due to higher-than-expected yields in the northern fields. So far, 35% of the corn crop has been harvested.
Argentina is the world's second largest corn exporter. The sunflower seed forecast was held at 3.4 million tons. The harvest was wrapped up this week, according to the exchange.
Palm oil losses deepen ahead of export data
JAKARTA, April 14 (Reuters) - Malaysian palm oil was on track for a third straight day of declines as uncertainty in comparative oil prices such as soybean and crude weighed and investors eyed export data due on Friday. "People are looking for new leads," said one trader on market sentiment. "For now, the direction is from crude oil, and Dalian, which is also uncertain at this point ... these decide the factors for palm oil. The trading range is not very wide."
Paraguay sees record 8.4 mln T soy harvest-official
ASUNCION, April 13 (Reuters) - Paraguay's 2010/11 soy harvest was projected at a record 8.4
million tonnes, 1 million tonnes above the start-of-season estimate, the Agriculture Ministry said on
Wednesday.
The forecasted harvest would put the small South American country's soy production 12.3 percent
above last season's record output.
U.S. soy crush seen rising, but margins pressed
CHICAGO, April 13 (Reuters) - The U.S. soybean crush is expected to make its first month-on-month increase in March in five months on improved exports, but margins soon will come under renewed pressure from bumper South American crops.
The crush margin -- profitability measured by the cost of soybeans versus prices for soymeal and soyoil -- is already at the lowest since at least March 2006.
The National Oilseed Processors Association's monthly crush data on Thursday is expected to show the March crush at 133.19 million bushels, up from February's 124.88 million bushels, but 11 percent below 149.63 million a year earlier.
Trade estimates for the March crush data range from 127.75 million to 137.5 million bushels.
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