U.S. soy product futures finished mixed, with soyoil rising slightly on solid demand. Soyoil export sales are expected to remain firm after the USDA last week announced a string of deals in its daily reporting system. China and Peru were among the buyers last week. Weekly U.S. soyoil export sales, issued Thursday, were 138,200 tons, compared to 12,300 tons the previous week and 16,000 tons the week before that. "It seems like the export news on that bean oil continues to be pretty stout," a broker says. Commodity funds bought an estimated 1,000 soyoil contracts at CBOT, a light amount. CBOT December soyoil ended up 0.05 cent at 41.81 cents per pound, and CBOT December soymeal slipped 20 cents to $293.50 per short ton.(Source: CME)
SURVEY: NOPA Soy Crush Expected To Drop To 120 Million Bushels(Source: CME)
A monthly report from the National Oilseed Processors Association is expected to confirm that fewer soybeans were crushed in August than July due to a seasonal slowdown in operations and a lack of available supplies. The NOPA report, due out at 8:30 a.m. EDT Tuesday, is projected to say processors crushed 120 million bushels of soybeans in August, down from 124.181 million bushels in July, according to a survey of analysts by Dow Jones Newswires. The range of analysts' estimates was 116.3 million to 124 million. The NOPA report only includes figures from member processors. "There's just a seasonal fall in the crush," said Dan Basse, president of AgResource Company, a Chicago-based agricultural research firm. "I think the tightness of old-crop beans just exacerbated that."
Supplies of soybeans from the last harvest, or the "old crop," are tight because of strong demand and a lack of selling by farmers. Harvest of the next soybean crop, or the "new crop," will pick up speed this month and likely finish next month. Most analysts projected the NOPA report will show a decline in soyoil stocks from last month. The average of analysts' estimates was 2.87 billion pounds, compared to July soyoil stocks of 3.026 billion. Estimates ranged from 2.75 billion pounds to 3.123 billion pounds. Soyoil stocks should decline from last month because exports have been strong, said Anne Frick, senior oilseed analyst for Prudential Bache. Reduced crushings also indicate soyoil stocks will drop, another analyst said. However, Basse projected a modest increase in stocks because the struggling biodiesel industry, hurt by the expiration of a tax credit promoting biodiesel production, is not using as much soyoil as it used to.
Malaysia End-August Palm Oil Stocks Likely 1.65-1.7 Million Tons.(Source: CME)
Malaysia's Aug. 31 palm oil inventory levels likely reached 1.65 million to 1.70 million metric tons, their highest level since March, due to weak export demand and rising palm oil production, market participants said Monday. Stocks likely rose more sharply than in preceding months due to increased palm imports from Indonesia, a Singapore-based trading executive said. He estimated that palm oil imports in August were around 100,000 tons compared with usual levels of around 20,000 to 25,000 tons as Indonesian traders rushed to move cargoes before Indonesia raised its crude palm oil export tax to 6% from 3% on Sept. 1. Palm oil output likely rose 8% to 10% from 1.52 million tons the previous month, as favorable weather conditions aided harvesting, a company executive at a Malaysia-based major plantation company said. End-July inventory levels were 1.41 million tons, data from the government-linked Malaysian Palm Oil Board showed.
"September production data may not rise significantly as the long Eid holidays have disrupted or slowed down harvesting rounds at the estates," the executive said. MPOB is due to issue palm oil production, stock and export figures Wednesday. Benchmark palm oil prices on the Bursa Malaysia Derivatives have risen 5.6% since the start of this month due to concerns that an Islamic holiday would slow harvesting.
China Ministry: September Soybean Imports Likely 4.73 Million Tons(Source: CME)
China is likely to import about 4.73 million metric tons of soybeans this month, the Ministry of Commerce said Monday. The estimate is slightly lower than imports in August, when 4.76 million tons of soybeans were imported, according to data last week from the General Administration of Customs. Such volumes are still historically high. The forecast for imports this month represents a 72% rise from a year earlier. The estimate, published on the ministry's website, is based on reports from importers during the Aug. 16-Aug. 31 period. The regular forecast is usually lower than the actual import figure as it doesn't include all cargoes. The ministry issues the estimates twice a month.
China data, crude lift palm to one-mth highs
KUALA LUMPUR, Sept 13 (Reuters) - Malaysian crude palm oil futures hit one-month highs after a long weekend holiday, on encouraging economic data from China and firmer crude oil, although prospects of a bumper U.S. soy crop weighed on prices.
"People missed the opportunity to hedge enough positions because nobody expected that crude (oil) could go this high within two days," said a trader with a foreign commodities broker.
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