US soy-product futures end higher as heat, dryness raise worries about Argentine production. Argentina is world's leading exporter of soymeal and soyoil. Poor weather may reduce output potential or discourage farmers from finishing planting soybeans, which are about three-quarters sown, analysts say. Export demand for soy could shift to the US from Argentina, they add. CBOT March soymeal closes up $6.90 at $370.30 per short ton. CBOT March soyoil closes up 0.52 cent at 57.75 cents per pound. (Source: CME)
U.S. soy climbs to near 28-month top; corn, wheat firm
SINGAPORE, Dec 28 (Reuters) - U.S. soy futures rose for a seventh straight session to its highest in nearly 28 months, while corn hovered around its 29-month peak as dry weather in Argentina raised crop concerns amid strong global demand. "The most important factor is the weather in Argentina where forecasts show that extremely high temperatures and below normal rains are likely to hit production," said Ker Chung Yang, an analyst at Phillip Futures in Singapore. (Source: CME)
Weather concerns lift palm oil to fresh 33-mth highs
KUALA LUMPUR, Dec 28 (Reuters) - Malaysian crude palm oil futures rose to fresh 33-month highs driven by prospects of erratic weather sapping vegetable oil supplies at a time when demand remains resilient. "Palm oil production will fall more than 15 percent in this month as the weather is pretty bad in palm oil producing states," said a trader with a foreign brokerage in Kuala Lumpur.
Funds widen net longs in corn and soybeans - CFTC
CHICAGO, Dec 27 (Reuters) - Large speculators aggressively expanded their net long position in Chicago Board of Trade corn futures in the week ended Dec. 21, data from the U.S. Commodity Futures Trading Commission showed on Monday.
Noncommercial traders held a net long in CBOT corn of 331,018 contracts, up 25,503 lots from the previous week, CFTC's Commitments of Traders Supplemental Report showed.
La Nina dryness batters Argentina's soy belt - govt
BUENOS AIRES, Dec 27 (Reuters) - Dryness caused by the La Nina weather phenomenon persisted in Argentine soy-growing regions last week, slowing plantings and preventing soy crops from developing normally, the government said in a report.
Argentina is the world's No. 3 soybean exporter and the government has forecast 2010/11 area at 18.7 million hectares (46.20 million acres), slightly above last season despite some farmers favoring corn over soy. The two crops fight for acreage in Argentina.
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