Soy product futures ended mixed, with soyoil managing to divorce itself from the bearish theme in the rest of the complex on spillover support from rallying crude oil futures, analysts said. Crude oil influences soyoil due to its use in making renewable fuels. December soyoil settled 0.07 cents or 0.2% higher at 40.12 cents per pound. Soymeal futures ended lower, back pedalling in unison with declines in soybeans. December soymeal ended $1.60 or 0.5% lower at $293.60 per short ton.(Source: CME)
US Farmers Expected To Sow More Corn, Soy, Wheat For 2011 (Source: CME)
U.S. farmers will plant more acres with corn, soybeans and wheat for harvest in 2011 than they did for 2010, according to a survey of growers issued by Farm Futures magazine. Corn plantings next year are projected to climb almost 2% to 89.5 million acres, while soybean plantings are estimated to set a new record of 79.6 million acres, up about 1% from 2010, according to the survey. Farmers are "optimistic" about growing corn and soybeans, which will be planted next spring, because the current crops look good, Farm Futures analyst Arlan Suderman said.
Plantings of winter wheat this autumn are expected to rise to 41.7 million acres, up more than 10% from last year, the magazine said. Plantings plummeted last year because excessive rains delayed the corn and soybean harvests and prevented farmers from putting wheat in the ground. All-wheat plantings for harvest in 2011 were projected to rise 7% to 58.3 million acres. Farm Futures said it surveyed more than 550 farmers nationwide via email from July 23 to Aug. 4.
China Likely To Auction Soybeans In Sep -Government Agency (Source: CME)
Provincial agriculture officials in China's northeast are negotiating with soybean crushers on a likely soybean reserve auction this month, an official with a government-backed grain policy and research agency said. The auction would be the first this year, and may serve to rein in sharply higher prices that set a fresh record high Monday. China's government is closely monitoring grain prices, which have contributed to inflationary pressures this year and remain a thorny issue ahead of the high-consumption autumn festival season over the next two months.
A Shanghai-based grains trader said the likely auction, if it takes place, would weigh on prices, since it would add to supply from imports, which reached a record high of 6.2 million metric tons in June. Details of the soybean auction are being worked out, including the offer volume and rules for participation, but 1.5 million metric tons has been cited as the volume that's likely to be offered for sale. The official, who declined to be named, confirmed that discussions were proceeding, but added, "we haven't received any official notification of the auction yet."
Oil crushers are close to agreement with Heilongjiang province officials on the need for the auction, with only logistical details like the date to be worked out, one analyst with a large Shanghai-based grains consultancy said. "Such a sale would help replenish low stocks for soy crushers ahead of the new soybean crop harvest in October," the analyst said.
ARGENTINE BIODIESEL PRODUCERS FEAR EXPORT TAX HIKE
BUENOS AIRES, Aug 26 (Reuters) - Argentine biodiesel producers fear a proposal by opposition lawmakers to hike export taxes on the fuel could erode profit margins in the leading global supplier, industry sources said on Thursday. Plentiful soybean oil supplies, low costs and a favorable export tax regime have spurred a rapid increase in production capacity in the South American country, which began exporting biodiesel in significant quantities just three years ago.
Palm down as weak demand hits exports
KUALA LUMPUR, Sept 1 (Reuters) - Malaysian crude palm oil futures ended more than 1 percent lower, as players booked profits after data from cargo surveyors showed lacklustre overseas demand.
"There's no sign for China to increase palm oil imports since there are still a lot of stocks in the country, but soybean demand could be higher when weather turns colder," a trader with a Shanghai-based foreign brokerage said, adding that the country has about 450,000-500,000 tonnes of palm oil inventories at major ports.
China meets crushers over state soy reserve sales
BEIJING, Sept 1 (Reuters) - China's grain authority in the top soy province of Heilongjiang has met with local crushers to seek their advise on sales of state soy reserves, local crusher officials said on Wednesday.
But no decision was made on whether Beijing would continue to offer subsidies to these plants as they did last year or to sell these reserves at weekly auctions, they said.
India's Sept-Nov soymeal exports seen over 400,000T
MUMBAI, Sept 1 (Reuters) - India is likely to export more than 400,000 tonnes soymeal in Sept-Nov on strong demand from Asian countries, a senior industry official told Reuters on Wednesday.
"Globally prices of wheat and corn are at higher levels because of which we are getting good realisation for soymeal and hopefully this should continue," Praveen Khandelwal, vice president, strategy at Gokul Refoils And Solvent Ltd said in an interview.
Next Argentine soy harvest seen at 52 mln T
BUENOS AIRES, Aug 31 (Reuters) - Soy production in Argentina, the world's No. 3 exporter, may dip slightly in the 2010/11 crop year but corn output should be a record, Agriculture Minister Julian Dominguez said on Tuesday.
Argentina's farmers will start planting the new season's corn and soy crops over the coming weeks and Dominguez estimated production of the oilseed at 52 million tonnes, slightly below this harvest's 52.7 million tonnes.
