Soyoil futures ended higher, climbing to their highest point since April on spillover strength from crude oil futures and adjustments in the meal/oil spread relationship. December soyoil settled 0.51 cents or 1.2% higher at 41.68 cents per pound. (Source:CME)
Brazil Trade Group Hikes 2009-10 Soy Exports To 29.8 Million Tons.(Souce:CME)
The Brazilian Vegetable Oils Industry Association, or Abiove, on Tuesday raised its forecast for soy exports to 29.8 million metric tons from the 2009-10 crop season.
This compares to its prior estimate on July 14 of 29.5 million tons and 28 million tons a year ago.
Abiove said the year's soy crush was seen at 33.6 million tons, up slightly from the previous estimate of 33.1 million tons and higher than the 30.7 million tons last year.
The harvested 2009-10 soy crop is seen at a record 68.4 million tons compared to 57.3 million tons a year ago.
Abiove trimmed its data for Brazil's final stocks of soybeans to 2.9 million tons from 3.7 million tons in July. This is up from 2.1 million tons last year, Abiove said.
Abiove said Brazil should produce 25.6 million tons of soymeal in 2009-10, up from its last estimate in July of 25.2 million tons and above 23.5 million tons a year ago.
The group pegged Brazilian soyoil production at 6.5 million tons in 2009-10 versus 6.4 million tons in the prior estimate.
Palm oil slips off three-month highs after weather rally
KUALA LUMPUR, Aug 3 (Reuters) - Malaysia crude palm oil futures eased from three-and-a-half month highs hit the previous day as investors took profit after weather-driven rally.
"The market is purely profit taking because of last week. The sentiment and fundamentals don't change as we have good exports and strong competitor prices to soyoil," said a trader in Kuala Lumpur.
Argentine soy crushing rises 13.6 pct in June
BUENOS AIRES, Aug 2 (Reuters) - Argentine soy crushing activity rose 13.6 percent year-on-year in June to 3.4 million tonnes, boosted by record production of the oilseed, the government said in its latest report on Monday.
Argentina is the world's top supplier of soyoil and soymeal and the third-biggest exporter of unprocessed beans. Grain production was hit by a severe drought last season, but ideal weather conditions lifted 2009/10 soy output to a record.
In June, crushers produced 647,188 tonnes of soyoil -- up 13.8 percent from the same month last year.
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