Corn dips on profit-taking, weather woes support wheat
SINGAPORE, Oct 26 (Reuters) - U.S. corn futures slipped as investors booked profit after a 1.6 percent gain in the previous session, while wheat ticked higher as poor rains in U.S. winter crop areas supported the market.
"There is certainly unease at the growing strength of La Nina," said Garry Booth, a trader at MF Global Australia.
CBOT soyoil surged to its highest level in more than two years on strong demand and a weak dollar. The dollar supported commodities across the board, and the soy complex had additional support from strong exports, analysts said. They said spillover strength from crude oil and world demand for vegoils has supported soyoil. Dec soyoil ended up 1.17 cents, or 2.4%, to 49.47 cents per pound, and Dec soymeal closed up $3.70 to $334.60 per short ton. (Source : CME)
Dry Weather Causes Delays In Brazil Soy Planting - Consultancy (Source: CME)
Brazil's farmers have planted only 16% of the expected total soy area as of Oct. 22 due to a lack of rain in many key regions, local agricultural consultancy AgRural said. The area planted with soybeans in Brazil, the world's No. 2 soy producer after the U.S., compares to 21% at the same time last year and 7% the week before, AgRural said in a report. Farmers in Mato Grosso, the country's No. 1 soy-growing state, have planted only 19% of their soy area compared to 50% a year earlier, AgRural said. Although farmers in Mato Grosso are typically the first to begin planting in Brazil, they have been forced this season to postpone seeding in many regions due to the La Nina phenomenon that caused drier-than-usual weather.
Nonetheless, Mato Grosso's farmers managed to progress last week from 5% of their soybeans planted as of Oct. 15, as rain in many parts of the state softened the brittle soil and allowed seeding. Farmers in Parana, Brazil's No. 2 soy-producing state, have seen more favorable rainfall. Farmers had planted 35% of the Parana soy area as of Oct. 22, versus 20% in the prior week and 18% a year earlier, the consultancy said.
U.S. corn jumps 2 pct on weak dollar, soy up 1.7 pct
SINGAPORE, Oct 25 (Reuters) - U.S. corn futures rose more than 2 percent, edging closer to a two-year high reached earlier this month as a weakening dollar supported commodities amid prospects of strong global demand for the grain.
A "very strong start this morning which you can point to one single factor, the U.S. dollar," said Luke Mathews, a commodity strategist at Commonwealth Bank of Australia.
Hit more than 2-year highs on weaker dollar
KUALA LUMPUR, Oct 25 (Reuters) - Vegetable oil markets jumped to two-year highs as the dollar fell broadly after a Group of 20 meeting and on concerns over delayed output in main soy producing areas.
"Malaysian market sentiment is positive as investors are expecting lower stocks in November and December and looking forward to China's demand ahead of winter and New Year," said a trader in Kuala Lumpur.
Malaysia's Oct 1-25 palm oil exports up 1 pct-SGS
KUALA LUMPUR, Oct 25 (Reuters) - Exports of Malaysian palm oil products for Oct. 1-25 rose 1 percent to 1,091,158 tonnes from 1,080,597 tonnes shipped from Sept. 1-25, cargo surveyor Societe Generale de Surveillance said on Monday.
Brazil's new soy crop seen at record - Agroconsult
SAO PAULO, Oct 22 (Reuters) - Brazil's 2010/11 soy crop, with its No. 1 soy-growing state close to a month behind in planting with no clear sign of spring rains, should beat last year's record output, analysts Agroconsult said on Friday.
The new crop is expected to total a record 69.6 million tonnes, up from a revised 69.0 million tonnes last season.
Dry Brazil keeps China buying US soybeans
SAO PAULO, Brazil, Oct 22 (Reuters) - Belated rains over Brazil's soy belt may not mean a smaller harvest but a delayed one is almost assured, which will force buyers such as China to rely on U.S. Gulf soybeans into April.
In fact, China is already locking in U.S. exports for early next year, in case Brazil's crop is delayed getting to port by weather or the country's famously inefficient infrastructure and unpredictable labor situation.
Green palm oil output must rise 5-fold by 2015-AAK
LONDON, Oct 22 (Reuters) - Production of sustainable certified palm oil needs to increase about fivefold in the next five years, to meet buyers' commitments, the British unit of Swedish oils manufacturer AAK said on Friday.
The Roundtable on Sustainable Palm Oil (RSPO), an industry body of consumers, green groups and plantation companies, was formed in 2004 and aims to promote growth and use of sustainable oil palm products.
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