Reuters : Indonesia October palm oil exports down 10% at 844,354 tonnes- Industry Source.
Soybeans (Source: CME)
US soybean futures close down amid profit-taking and the absence of fresh export news to sustain the recent rally. That encouraged traders to reduce some risk exposure, while a firmer dollar and economic and debt worries promoted cautious action as well. Meanwhile, traders are concerned about shutting off export demand if price push too far above $12/bushel, analysts added. CBOT January soy ended down 12 1/2c at $11.87 3/4.
Soybean Meal/Oil (Source: CME)
Soy product futures stumbled in step with soybeans, succumbing to pressure from traders taking profits on recent gains. Soyoil futures ended slightly lower, fighting off most of the selling pressure as soaring crude oil prices make biodiesel derived from soyoil more profitable, analysts say. CBOT Dec soyoil ended down 0.12c at 52.48c/lb; Dec soymeal finished down $5.00 at $296.40/short ton.
China Sinograin Bought 500,000 Tons US Soybeans; More Likely (Source: CME)
China bought six cargoes, equivalent to around 500,000 metric tons, of soybeans from the U.S. to replenish state reserves, two executives familiar with the matter said. The buy takes the state stockpiler's total soybean purchases to 60% of a target set by the government earlier this year of 2 million tons. The stockpiler, China Grain Reserves Corp., or Sinograin, bought 700,000 tons of soybeans in early October, traders said previously. Sinograin will likely buy more soybeans if prices on the Chicago Board of Trade fall below $12 a bushel, said one of the executives, who work at a state-owned grain processing and trading company . Sinograin "will not consider U.S. soybeans if CBOT price is higher than $12," the executive said. CBOT January soybean contract traded around the $12 mark in electronic trading during Asian trading hours after settling at $12.0025 overnight. Calls to Sinograin weren't immediately answered.
The stockpiler has recently become an active buyer of global grains and oilseeds, due partly to the need to replenish its depleted reserves and also due to attractive prices of commodities on the international market amid concerns over a potential global economic downturn. U.S. soybeans at $12/bushel is equivalent to around CNY3,900/ton on a cost-and-freight basis at Chinese ports, much cheaper than domestic soybeans at CNY4,100-4,200/ton, analysts said. Sinograin in May confirmed that it had purchased 1 million tons of corn from the U.S. it had booked in March for state reserves. After the deal, the company is said to have bought more corn from the U.S. in July and early October, when CBOT prices were low, though it hasn't confirmed any such deals. China will likely buy about 5 million metric tons of corn from overseas suppliers in this marketing year, the state-backed grain analyst the China National Grain and Oils Information Center said previously.
Palm edges down on EU concerns; upside potential seen
JAKARTA, Nov 16 (Reuters) - Malaysian palm oil futures dipped as investors booked profits after recent gains and ongoing euro zone concerns held prices back, although lower output expectations are seen pushing the edible oil higher in the coming weeks.
"The market is in quite a tight range," said a Kuala Lumpur-based palm trader. "There is a bit of profit-taking coming in, while the Dalian is also weak ... the sovereign debt issue is still lingering but there is no panic."
Latam soy sowings smaller than hoped -Oil World
HAMBURG, Nov 15 (Reuters) - Argentine and Brazilian farmers will sow less soybean area than hoped this season as farmers are turning to corn because of high corn prices, Hamburg-based oilseeds analysts Oil World forecast on Tuesday.
"The soybean production in Argentina and Brazil may indeed be decimated by a larger-than-expected shift of acreage from soybeans to corn," Oil World said.
German rapeseed sowings for 2012 crop up 0.9 pct
HANOVER, Nov 15 (Reuters) - Germany's winter rapeseed sown area for the 2012 harvest will increase by a marginal 0.9 percent on the year to 1.325 million hectares, German oilseeds industry association UFOP said on Tuesday.
Repeated rain in Germany this summer had delayed the country's grain crop and meant many farmers no longer had time to carry out all their rapeseed planting intentions, UFOP said.
Ukraine '11 sunseed crop jumps to record 8.8 mln T
KIEV, Nov 15 (Reuters) - Ukraine, the world's biggest sunflower oil exporter, has completed the 2011 sunflower seed harvest, threshing a record high 8.8 million tonnes of seed bunker weight, the Farm Ministry said on Tuesday.
The country harvested 7.1 million tonnes of sunseed bunker weight and 6.9 million in clean weight in 2010.
India's vegoil imports seen up in 2011/12
NEW DELHI, Nov 15 (Reuters) - India's vegetable oil imports fell last year after a gap of five years on improved domestic oilseed supply, but rising population and higher incomes could send demand soaring next year, a trade body said on Tuesday.
Imports in the year to October were 8.7 million tonnes, down 5.4 percent over the previous year and exactly in line with a Reuters poll in July.
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