ITS export up 21.3% to 1,479,602 tonnes for the period of 1~30 Sep 2010
SGS export up 30% to 1,479,138 tonnes for the period of 1~30 Sep 2010
Soy product futures ended lower, stumbling in unison with soybeans. Soyoil futures came under additional pressure from news China would begin selling edible oils from its reserves to cool rising domestic prices, analysts said. Soymeal followed beans lower, with traders becoming less fearful of tight nearby supplies, as the availability of soybeans for crushing improves on the expansion of the fall harvest, analysts said. December soyoil settled 0.49 cents or 1.1% lower at 44.44 cents per pound. December soymeal ended $1.00 or 0.3% lower at $307.50 per short ton.(Source: CME)
China To Hold First 2010 Edible Oil Reserve Auction (Source: CME)
Chinese grain authorities will auction edible oil reserves to ensure sufficient supply to the market and stabilize prices, said the state-backed China National Grain and Oil Trade Center. Edible oils like palm oil and soyoil have steadily rallied on the back of dwindling global stockpiles and surging domestic demand, and amid sharp gains in food prices in China and abroad. The date, offer volumes, oil types and other details of the edible-oil auction will be announced later, the think tank, an arm of the State Grain Reserves Bureau, said in a statement. The auction, China's first this year, would also clear old edible-oil stocks dating from 2008, according to analysts.
Most-active palm oil futures on the Dalian Commodity Exchange have risen by 18% and soyoil by 15% in the last three months, outstripping the 9% increase of bellwether soybean futures. Facing dwindling stocks, soy crushers in China's northeastern producing provinces were in consultation with state grain authorities earlier this month on a potential soybean reserve sale. However, with the new soybean crop already half harvested and set to be completed next month, the need for a soybean auction has abated, analysts said. China has already been holding regular auctions of millions of tons of corn, wheat and rice reserves to hold down prices.
AUSTRALIA BIOFUEL OUTPUT SEEN DOUBLING BY 2015
SYDNEY, Sept 29 (Reuters) - Australia's biofuel production is forecast to more than double by 2015 as new capacity is installed and demand for alternative fuels increases, a private consultancy forecast in a report on Wednesday. Australia's biofuel annual capacity is forecast to rise to 1.519 billion litres by 2015 from 636 million litres this year, APAC Biofuel Consultants said, adding that this would see more demand for sugar cane and soybeans as biofuel feedstocks.
CANOLA OIL BIODIESEL MEETS FUEL MANDATE-US AGENCY
WASHINGTON, Sept 23 (Reuters) - The U.S. Environmental Protection Agency has placed canola oil on an equal footing with soyoil, ruling that it emits low enough greenhouse gas levels to qualify for the U.S. mandate to increase renewable fuel production. In a final decision signed on Wednesday, the EPA said canola oil biodiesel met the lifecycle greenhouse gas emission reduction level of 50 percent
China to sell vegoil reserves -state grain body
BEIJING, Sept 29 (Reuters) - China will release some of its temporary vegetable oil reserves via public bidding to bolster market supplies and to stabilise prices, China's State Grain Administration said.
The exact volume would be announced later, the administration said, without giving further details.
Mixed sowings tighten EU rapeseed mkt, imports eyed
PARIS, Sept 28 (Reuters) - Rapeseed supply in Europe is set to tighten further after a smaller harvest this year and a mixed sowing campaign for 2011, which may prompt more soybean and palm oil imports to satisfy biofuel and food demand, analysts said.
The rapeseed crop in the European Union is estimated to have fallen by some 1 million tonnes versus 2009 to around 20 million tonnes, and sowing for the next harvest has been hampered in major producers Germany and Poland by damp conditions.
U.S. soy drops 0.5 pct, corn slips below $5/bsh
SINGAPORE, Sept 29 (Reuters) - Chicago soybean futures slid half a percent, falling further from Monday's 13-month top as improved sowing outlook in South America and harvest of a record U.S. crop weighed on the market.
"The soy market is facing up to what is possibly a record U.S. crop, plus there has been some improvement in South American weather conditions," said Brett Cooper, a senior manager of markets at FCStone Australia.
US Harvest-Standing water a concern for corn, soy in Minnesota
CHICAGO, Sept 28 (Reuters) - Big rains last week in Minnesota left standing water in some farm fields and created conditions in which mold can thrive, possibly reducing corn and soybean yields by as much as 10 percent, agronomists said on Tuesday.
Dry weather in the U.S. Midwest allowed farmers in much of the United States' top growing region to harvest corn at the fastest pace in at least 28 years.
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