Soybeans (Source: CME)
US soybean futures fell sharply as South American rains had traders reducing risk exposure before key government reports. Heavier-than-expected showers in Argentina overnight forced traders to reduce the weather premium placed in the market as fears of yield losses eased some. Otherwise, traders were aggressively evening positions before Thursday's USDA reports, taking profits in case government data produce a bearish surprise, analysts say. CBOT March soybeans ended down 2.4% at $12.03/bushel.
Soybean Meal/Oil (Source: CME)
Soy-product futures slumped in unison with soybean futures, succumbing to pressure from improved crop outlooks for South America. Beneficial rains in Argentina, eased supply fears, allowing traders to even trades ahead of Thursday's USDA reports. CBOT March soymeal ended down $9.70 at $312.80/short ton and March soyoil dropped 0.61c to 51.89c/pound.
Palm oil eases as Europe worries weigh
SINGAPORE, Jan 11 (Reuters) - Malaysian crude palm oil futures slipped as euro zone debt concerns overshadowed prospects of lower edible oil output due to dry weather in South America and heavy rains in Southeast Asia.
"Traders are mainly still in a puzzle mode over the bearish MPOB data. They will be looking for the USDA report to drive the market," said a dealer with a foreign commodities brokerage in Kuala Lumpur, referring to the U.S. Department of Agriculture report due Thursday.
Paraguay soy parched, crop losses to hurt economy
ASUNCION, Jan 10 (Reuters) - A drought striking South American farm lands has affected 40 percent of Paraguay's 2011/12 soy crop, raising concern among banks that farmers will stop repaying loans and stoking worries that economic growth will be slashed.
Paraguay, one of South America's poorest countries, is the world's No. 4 soybean supplier and the oilseed is its top export earner. The lack of rain has shrunk its main crop while a foot-and-mouth disease outbreak pummels the beef industry.
Indian imports may raise vegoil prices -Oil World
HAMBURG, Jan 10 (Reuters) - A poor rapeseed harvest looming in India could its edible oil import requirements in coming months and add support to global vegetable oil prices at a time of concern about drought damage to South American soybean harvests, Hamburg-based oilseeds analysts Oil World said on Tuesday.
Indian oilseed processors warned on Jan. 4 that a poor rapeseed crop was likely in 2012. The extent of crop damage is unclear but larger edible oil imports are expected.
Brazil raises soy forecast after successive cuts
BRASILIA, Jan 10 (Reuters) - Brazil on Tuesday raised its forecast for the size of this year's soybean crop after seeing a larger total planted area than in previous months, but warned that drought conditions which have raised the specter of production shortfalls have not been fully accounted for.
Government crop agency Conab forecast 2011/12 soy production at 71.75 million tonnes, up from the 71.29 million tonnes it estimated in December.
Ukraine rapeseed harvest to fall in 2012
KIEV, Jan 10 (Reuters) - Ukraine's 2012 rapeseed harvest is likely to fall to between 0.95 and 1.2 million tonnes against 1.42 million tonnes in 2011 due to a poor state of winter rapeseed crops after a severe drought, analyst UkrAgroConsult said on Tuesday.
"A significant portion of weak, sparse crops may be lost in the winter or spring. We currently forecast Ukraine's 2012 winter rapeseed crop at 950,000 to 1.2 million tonnes," the consultancy said in a report.
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