Soy up half pct on Chinese buying; wheat, corn firm
SINGAPORE, Oct 19 (Reuters) - U.S. soybean futures rose half a percent to trade near 14-month highs as strong demand from China, the world's biggest importer, continued to support the market.
"The demand from China continues to underpin soybeans and really, the weakening of U.S. dollar which has been happening for some months has helped Chicago grains," said Garry Booth, a trader with MF Global Australia.
US soy product futures settle mixed as markets pause following recent rally. Soybeans set tone for soy complex by "taking a breather" after touching 14-month high Friday, a market analyst says. Soymeal stabilizes after strong export demand and spillover buying pushed prices to one-year high Friday. Soyoil pulls back slightly from two-year high Friday. CBOT Dec soymeal closed up 10c, or 0.03%, at $328.30 per short ton. CBOT Dec. (Source: CME)
Brazil Farmers Plant 10% Of Soy Area As Of Oct 15 - Celeres(Source : CME)
Brazil's farmers have planted 10% of the expected total soy area as of Oct. 15, agricultural consultancy Celeres said. The pace of seeding for the 2010-11 crop year is two percentage points behind a year ago, according to Celeres. The Uberlandia, Brazil-based consultants estimate that a total of 23.6 million hectares will be planted in soy for the crop to be harvested between February and May of next year. The Brazilian area planted is an advance from a figure of 3% for the oilseed a week earlier. Brazil is the world's second-largest soy producer after the United States. Growers in Mato Grosso, Brazil's largest soy-producer state, had planted 15% of their crop area as of Oct. 15, a surge from 3% a week earlier, Celeres said in the weekly report.
The comparable figure a year ago for the state was 23%, according to the consultants. Growers in Mato Grosso, typically the first to begin planting in Brazil, have been forced this season to postpone seeding in many regions due to the La Nina weather phenomenon which caused drier weather than usual. Farmers in Parana, Brazil's second-largest soy-producing state, have had more rainfall. Growers had planted 18% of the Parana soy area as of Oct. 15 compared with 14% a year ago, Celeres said. Last week's figure for the area seeded in Parana state was 9%. Celeres said that Brazil's advance sales of the 2010-11 crop reached 23% as of Oct. 15 compared with 20% a week ago.
India 2010-11 Rapeseed Area Likely Up 10%-15% As Rains Help (Soirce : CME)
India's rapeseed area in the crop year through September 2011 is likely to rise 10%-15% from about 6.5 million hectares last year as ample rains have improved soil moisture, industry officials and analysts said. Last year's area under rapeseed was expected to be around 7 million hectares, but the country's worst drought in nearly four decades--with rains 22% below average--hit sowing. Rains recovered to 2% above average in this year's June-September monsoon season. Rains are crucial for India as more than half the country's farmland is rain-fed. Vijay Data, managing director of Vijay Solvex Ltd. and vice president of the Solvent Extractors' Association of India, said rapeseed sowing has already started in major producing regions. Sowing continues until December and harvesting normally starts from the end of February.
India is one of the world's top three rapeseed producers, and the northwestern state of Rajasthan is the country's largest rapeseed producing state. Badruddin Khan, assistant vice president with Angel Commodities, added that higher oilmeal export demand is also likely to encourage more farmers to expand the area under cultivation. India's oilmeal exports in September jumped 53% to 354,252 metric tons from 231,297 tons a year earlier, according to the Solvent Extractors' Association. Rapeseed carryover stocks are expected to be 400,000-500,000 tons in 2010-11, down from about 700,000-800,000 tons last year, Vijay Data said, adding that there is enough supply to meet demand until the arrival of the new crop.
Corn, soy fall on dollar strength, LatAm weather
SINGAPORE, Oct 18 (Reuters) - U.S. corn fell more than one percent to a near 1-week low , while soy and wheat slipped as a stronger dollar and an improved weather outlook in South America weighed on the grain markets.
"It's a soft start to the week as there is an outlook for improved weather in South America," said Adam Davis, a senior commodity analyst at Merricks Capital, a Melbourne-based funds manager that invests in agriculture.
Retreat on stronger dollar; palm oil at one-week low
KUALA LUMPUR, Oct 18 (Reuters) - Malaysian palm oil fell to its lowest in a week and other vegetable oil prices stalled as a stronger dollar and more favourable weather outlooks in South America sapped sentiment.
"Above 3,000 ringgit ($973.4) is still the target to hit although the market was due for a correction after it rose more than 200 ringgit," said a trader with foreign brokerage in Kuala Lumpur.
Indonesia says to review palm oil export tax policy
JAKARTA, Oct 18 (Reuters) - Indonesia will "restructure" its export tax policy on crude palm oil, as the levy has not spurred more local processing into downstream products as intended in the world's largest producer of the oil, a government official said.
"The government is going to restructure the export tax policy on palm oil because the current policy, which has been imposed since 2007, has not been effective in encouraging the palm oil downstream industry domestically," said Benny Wachjudi of the industry ministry, pointing to increasing crude palm oil exports.
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