Pre-report estimates for weekly export sales of soybeans ranged from 400,000 mt (14.7 mb) to 550,000 mt (20.2 mb). The weekly report showed total old-crop and new-crop export sales of 445,900 mt (16.3 mb), with old-crop sales of 257,000 mt (9.4 mb) bringing the yearly total to 1.545 bb, above USDA's demand projection of 1.52 bb. Total shipments of 135,800 mt (5 mb) were below the 375,700 mt (13.8 mb) needed this week. This report should be considered slightly bearish. (Source: Unknown)
Soybeans(Source: CME)
US soybean futures end higher, as weather uncertainties and higher than expected weekly export sales underpin prices. The variability of weather forecasts, with the potential for a return of hot, dry weather next week after a period of moderating temperatures and rainfall supported prices, analysts say. Strong old crop export sales supplied support as well, with higher crude oil futures and a weaker U.S. dollar providing external strength, analysts add. However, advances were limited by spillover weakness from corn, and prices trading near the top of a 5-month trading range. CBOT Nov rose 4c to $13.88/bushel.
Soybean Meal/Oil(Source: CME)
Soy-product futures end mixed, with soymeal ending higher with soybeans. Soymeal drew support from higher-than-expected export sales and concerns a slowing US crushing pace is limiting availability, analysts say. Soyoil slipped on traders bought soymeal versus soyoil on spreads. CBOT December soymeal end up 0.4% at $368.90/short ton while soyoil fell 0.6% to 57.38c/pound.
China's Big Edible Oil Makers Apply For Price Increase -Report (Source: CME)
China's Yihai Kerry Group and state-owned edible oil maker Cofco Group have applied to the National Development and Reform Commission for a price increase of around 5% on their edible oil products, the 21st Century Business Herald reported. The top planning body hasn't replied to the application, the newspaper said, citing an unnamed enterprise executive. Yihai Kerry is the Chinese branch of Singapore-based Wilmar International Ltd., which accounts for more than 50% of China's edible oil retail market. Neither Yihai Kerry nor Cofco could be reached for comment. Companies don't dare to announce a price increase without prior clearance, the executive said, adding that it is safest to take a low-key approach or the company may be punished, the report said.
Palm oil slips from 1-month high as markets weigh
KUALA LUMPUR, Jul 21 (Reuters) - Malaysian palm oil futures barely moved after hitting a one-month high earlier in the session as weaker external markets erased gains made on higher export hopes.
"The market is looking for direction. Although exports data was good but overseas markets didn't perform well in the morning," said a trader in Kuala Lumpur, who pegged palm oil to trade in tight range between 3,120 to 3,170 ringgit.
Indonesia 2011 crude palm oil output seen at 22.5-23 mln T-assoc
JAKARTA, July 21 (Reuters) - Indonesia's crude palm oil output this year is estimated at 22.5 million tonnes to 23 million tonnes, from 21.6 million tonnes in 2010, executive director of the Indonesian Palm Oil Producers Association (GAPKI) said on Thursday.
"There is an increase in productivity and also the harvest has started," Fadhil Hasan told Reuters on the sidelines of a seminar. Indonesia is the world's largest palm oil producer. He expects Indonesia's year-end crude palm oil stocks to be at a normal level of 1.5 million tonnes to 2.0 million tonnes.
Thai feed mills buy Brazilian soymeal, to seek more
SINGAPORE, July 20 (Reuters) - Thai feed millers stepped up soymeal purchases this week, taking up to 120,000 tonnes from Brazil, and are expected to issue a tender next week for more cargoes to cover supplies for the fourth quarter.
A feed mill bought cargoes from an international trading company at a premium of around $50 to the December Chicago Board of Trade price for shipment between October and December, two trade sources said on Wednesday.
Indonesia may cut August palm oil tax to 15 pct - trade
JAKARTA, July 20 (Reuters) - Indonesia, the world's largest palm oil producer, could cut its crude palm oil export tax to 15 percent in August from 20 percent in July because of a drop in international prices, an industry source said on Wednesday.
"We expect the tax to be capped at 15 percent next month because the the average price of CPO was $1,090 in the first 20 days of July," said the source.
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