Soybeans (Source: CME)
US soybean futures ended at their highest level in two months, fueled by broad-based speculative buying across asset classes. Commodity-wide buying was sparked by weakness in the US dollar, combined with ongoing fear of yield losses in South America due to heat and dryness to propel prices, analysts say. The external financials attracted the funds, but weather issues for South America crops remained the dominant issue promoting higher prices, says Mike Zuzolo, president Global Commodity Analytics. CBOT March soy ended up 19 3/4c at $12.27 1/2/bushel.
Soybean Meal/Oil (Source: CME)
Soy product futures bounced with soybeans, fueled by widespread speculative buying across the commodity sector. Strength in soybeans fueled buying in soymeal and soyoil, as traders add risk premium amid the risk lower South American supplies if weather conditions continue to stress crops there, analysts say. CBOT March soymeal ended up $6.10 at $319.20/short ton, and March soyoil finished up 0.69c to 53.11 cents/pound.
Sluggish exports may spur CBOT Jan soy deliveries
CHICAGO , Dec 29 (Reuters) - Softening cash soybean markets amid a sluggish export pace should encourage moderate Chicago Board of Trade soy deliveries on first notice day for January futures contracts on Friday, traders and analysts said.
Traders estimated first-day soybean deliveries at 300 to 500 contracts, with some estimates as high as 600 lots.
Palm Oil Surges as Tighter Soybean Supplies May Increase Demand (Source: Bloomberg)
Palm oil rallied to the highest level in more than six weeks on concern that hot, dry weather in South America may damage crops of soybeans, crushed to make an alternative edible oil, and as demand may rise in China. The March-delivery contract advanced 1.6 percent to close at 3,225 ringgit ($1,026) per metric ton on the Malaysia Derivatives Exchange, the highest price at close since Nov. 18. Futures gained 5.2 percent in December, rising for a third month and paring the year’s decline to 16 percent. A much drier and sometimes much hotter weather pattern may continue for the next 10 days in Argentina, Telvent DTN Inc. said Dec. 30. Argentina is the largest shipper of animal feed and cooking oil made from soybeans. Palm oil and soybean oil are substitutes in food and fuel uses.
Palm oil hits 6-week high on wet weather outlook
JAKARTA, Jan 3 (Reuters) - Malaysian crude palm oil futures rose to a six-week high, buoyed by strong crude prices and expectations of lower output in Southeast Asian producers due to wet weather.
" Weather vagaries," said a Kuala Lumpur-based trader. "Grains are leading on South American hot and dry weather plus crude oil."
Brazil industry, analysts expect record soy crop
SAO PAULO, Jan 2 (Reuters) - Brazil's 2012/13 soy crop, now starting into its first round of harvesting, should be of record size, the grains industry association and an independent analyst said on Monday, despite a dangerous dry spell hitting the country's far south.
Grains association Abiove, whose members include Bunge, ADM, Louis Dreyfus and Brazil's Maggi, estimated the world's No. 2 soy producer would harvest 74.6 million tonnes, up from its estimate for last season of 74.3 million tonnes.
Drought hurts crop in Brazil's No. 2 soy state
SAO PAULO, Dec 30 (Reuters) - Dry weather in Parana, Brazil's second largest soy producing state, has already caused irreversible losses to the crop developing there, the state's association of cooperatives Ocepar said on Thursday.
About two thirds of Parana's soy crop is in the driest areas of the state, said Ocepar's technical manager, Flavio Turra, adding that it was too early to quantify losses.
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