Soybeans (Source: CME)
US soybean futures reverse prior declines as today's gains were spurred on by government crop forecasts projecting demand would outpace new production. The USDA's lower-than-expected output and yield forecasts were constructive for soy prices as it revealed the need for demand rationing and incentives for South American farmers to produce another record crop in 2012, says Anne Frick at Jeffries Bache. However, advances were limited by concerns that yields still has room to improve in the face of favorable crop weather and lingering uncertainty about global economies. CBOT November soy ends up 2.3% at $13.31 3/4 a bushel.
Soybean Meal/Oil (Source: CME)
Soy-product futures end sharply higher, with both soymeal and soyoil benefiting from lower projected soybean processing for the 2011-12 marketing year. The smaller soy crush will lead to a drawdown in soy-product inventories, a constructive sign for prices. CBOT December soyoil ends up 1.8% at 54.58c/pound while soymeal climbs 2.3% at $353.70/short ton.
Firm agri-commods lift palm, debt crisis eyed
KUALA LUMPUR, Aug 11 (Reuters) - Malaysian palm oil futures extended gains for a second day after food commodities gained although weak crude oil and a grim global economic outlook still weighed.
"Sovereign debt issues in U.S. and Europe are not going to be resolved overnight, it will indirectly affect palm oil market," said a trader with foreign brokerage in Kuala Lumpur.
Wilmar International Reports Second-Quarter Net Income of $393.1 Million (Source: Bloomberg)
Wilmar International Ltd. (WIL), the world’s biggest palm oil processor, reported a 14 percent increase in second-quarter profit as prices rose. Net income climbed to $393.1 million, or 6.1 cents a share, from $344.5 million, 5.4 cents, a year earlier, the Singapore- based company said today in a statement. Sales climbed 56 percent to $10.6 billion. “The improved performance was achieved primarily through higher realized crude palm oil prices and production yield by plantations and palm oil mills,” Wilmar said in the statement. Merchandising and processing, Wilmar’s biggest earner, reported a 61 percent advance in pretax profit, while the contribution from plantations and palm oil mills rose 31 percent as margins expanded.
The sugar milling unit had a pretax loss of 7.1 million. Wilmar fell 1.2 percent to S$5.11 a share yesterday in Singapore trading, taking its decline for the year to 9.2 percent. That compares with the 12 percent drop on the benchmark Straits Times Index.
Malaysia IJMP sees lower palm oil output H2 2011
KUALA LUMPUR, Aug 10 (Reuters) - Southeast Asian palm oil output will not be as high as expected this year as the effects of the El Nino weather condition in 2010 may weaken yields, a top official from Malaysia's IJM Plantations said on Wednesday.
Chief Executive Joseph Tek said the impact of the El Nino-driven drier weather can be noticed now with the development of more male flowers at the expense of oil-yielding female flowers, a scenario which can extend until next year.
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