U.S. soy rises for 3rd day on Brazil weather concerns
SINGAPORE, Sept 21 (Reuters) - U.S. soy rose around half a percent, rising for a third straight session to trade around 1-year highs as concerns dry weather may hurt the upcoming soy plantings in Latin America continued to underpin the market.
"There is drought in Russia, frost in China and Canada, dry weather in Western Australia and unusually dry conditions in South America."
OIL: Crude retreats ahead of Fed meeting
SINGAPORE, Sept 21 (Reuters) - Oil fell on Tuesday, resuming last week's trend and erasing part of the previous session's 1.6 percent gain, on lingering worries about the U.S. economy ahead of a U.S. Federal Reserve meeting later in the day.
Prices of U.S. crude on Monday tracked equities higher, but the gains came in thin trade, with the total number of contracts trading hands about 25 percent below the average volume over the last 30 days, according to Reuters data.
COMMODITY MARKETS: Markets end mixed after early rally
NEW YORK, Sept 20 (Reuters) - Commodities closed mixed on Monday after many markets rallied sharply in early trade, with a key sector index closing flat, dragged down off eight-month highs by losses in corn, coffee and other markets late in the session.
"At this point I don't think we are going to hear about the need. We may hear the Fed say they are ready, if necessary, but I don't think that they want to imply that things are getting worse," said Frank Lesh, broker and futures analyst with FuturePath Trading in Chicago.
GLOBAL MARKETS: Stocks rise on S&P 500 rally. dollar slips
NEW YORK, Sept 20 (Reuters) - World stocks jumped as the U.S. benchmark S&P 500 index broke above a key level on Monday, lifted by optimism over corporate news, but the dollar slipped on fears the struggling U.S. economy needs further stimulus.
"We've been waiting for this level to be penetrated, and breaching it makes it hard to be too negative right now," said Frank Gretz, market analyst and technician at Shields & Co in New York.
Soy product futures climbed in step with soybeans. Soyoil futures were the upside leader of the products, rising on borrowed strength from soybeans, crude oil and strong gains in world vegoil markets amid the threat of lower world vegoil supplies, analysts said. December soyoil settled 0.75 cents or 1.8% higher at 43.05 cents per pound. Speculative funds were estimated buyers of 3,000 lots in soyoil. December soymeal ended $1.70 or 0.6% higher at $310.20 per short ton. Speculative funds were estimated buyers of 1,000 lots in soymeal.(Source: CME)
Brazil's Soybean Sales Rise 1 Percentage Point - Celeres (Source: CME)
Brazil's sales for old and new soybeans crept ahead by 1 percentage point as of Friday, local agricultural consultancy Celeres said in a weekly report. For the upcoming 2010-11 crop, Celeres said in the report issued Monday that Brazil, the world's No. 2 soy producer after the U.S., had sold 15% of its crop as of Friday, up from 14% both in the previous week and at the same time a year earlier. Brazil's farmers often swap beans for other items such as seeds or fertilizers. For instance, farmers in Mato Grosso, Brazil's No. 1 soy-producing state, sold 22% of their 2010-11 soy as of Friday, versus 21% the week before and a year earlier, Celeres said. Mato Grosso's farmers are expected to begin planting their soybeans in mid-September. They typically harvest and sell their beans earlier than in other states. For the old 2009-10 soy crop, which ended harvesting in May, Brazil saw sales rise slightly to 88% as of Friday. This compared to 87% the week before and 93% at the same time a year earlier.
Farmers in Mato Grosso sold 98% of their soy as of Friday from 97% the week before and 98% a year earlier, Celeres said. Brazil is expected to have produced a record 68.5 million metric tons of soybeans for the 2009-10 crop season, compared with 57 million tons the previous crop year.
USDA Says 225,000 Tons Soybeans Sold To China in 2010-11 (Source:CME)
The U.S. Department of Agriculture on Thursday announced private export sales of 225,000 tons of soybeans to China, 165,000 tons of corn to South Korea and 110.000 tons of corn for delivery to unknown destinations in the 2010-11 marketing year. The soybean and corn marketing year both began Sept. 1. Often a U.S. exporter agrees to sell a commodity to an intermediary that has not yet settled the final foreign destination of the commodity. When that happens the U.S. exporter reports the sale to the USDA, which lists the destination as "unknown." U.S. exporters are required to report to the USDA sales of 100,000 tons or more of soybeans made in the same day to the same destination by 3 p.m. EDT the next business day.
Malaysia Sep. 1-20 Palm Oil Exports 906,688 Tons -Intertek(Source: CME)
Malaysia's palm oil exports during the Sept. 1-20 period rose 5% on month to 906,688 metric tons, cargo surveyor Intertek Agri Services said Monday. The European Union was the biggest buyer of Malaysian palm oil, followed by China and the Indian subcontinent; they purchased 212,345 tons, 211,782 tons and 179,192 tons, respectively. Intertek estimated exports at 863,289 tons during the Aug. 1-20 period.
Soy jumps 2 pct to 14-month top, corn at 2-yr high
SINGAPORE, Sept 20 (Reuters) - Chicago soy rose more than 2 percent to its highest since June 2009 on concerns that dry weather may hurt a soon to be planted crop in Brazil, while corn rallied to a new 2-year top amid strong demand and worries about U.S. yields.
"I think as far as headline stories go, it is weekend frost in Canada which is serious, but time will tell how much impact it will have on the tonnage," said Brett Cooper, a senior manager of markets at FCStone Australia.
Surge on weather anxieties; inflation eyed
KUALA LUMPUR, Sept 20 (Reuters) - Global vegetable oil markets surged as investors took positions on concerns a dry spell may curb grain output in the Americas.
"Compared to other vegetable oils, China palm oil is mainly dominated by funds and there's still room for the price to increase," said Zhang Juan Cong, an oil analyst with Dadi Futures in Zhejiang province.
China soyoil row hits Argentine crush margins
BUENOS AIRES, Sept 17 (Reuters) - China's boycott of Argentine soyoil means soy processors in Argentina are suffering negative crush margins and exporting more beans than usual, an industry group executive said on Friday.
The Asian country, the world's top soyoil importer, halted exports from No. 1 global exporter Argentina in April in retaliation for anti-dumping measures on some Chinese manufactured goods.
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