Soybeans (Source: CME)
US soybean futures ended higher, fueled by government forecasters reducing estimates for US output. The USDA cut the bean crop's yield and reduced harvested acreage, and in turn cut projected end-of-year inventories. The reductions in supply supported prices, as did reports of fresh export demand from China, analysts say. However, futures failed to attract aggressive buying amid views that Tuesday's sharp advances adequately factor in the supportive crop data. CBOT November soy ended up 4c at $12.39 1/2 a bushel.
Soybean Meal/Oil (Source: CME)
Soy product futures end mixed, with soymeal futures finishing higher in unison with soybean futures. Soyoil futures stumble, driven lower by speculative selling after government forecasters estimated a reduction in soyoil consumed for domestic use, analysts say. CBOT Dec soymeal ended up $2.10 at $322.70/short ton, and Dec soyoil ended down 0.32c at 51.86 cents/pound.
Palm oil touches 1-week high ahead of USDA data
JAKARTA, Oct 12 (Reuters) - Malaysian palm oil futures rose to a one-week high, buoyed by gains in comparative vegetable oils as investors positioned themselves ahead of a key agriculture report from the United States.
"Today the market is very strong on the back of yesterday's sharply higher complex, inclusive of soy oil," said a Kuala Lumpur-based trader.
Soy oil exports seen down 8 pct in 2011 - Oil World
AMSTERDAM, Oct 11 (Reuters) - Soy oil exports from the United States, Brazil and Argentina, the world's largest producers, will fall 8 percent in 2011 because of increasing biodiesel production, German-based analyst Oil World said on Tuesday.
Soya oil exports from the three countries will fall to 7.5 million tonnes, from 8.17 million tonnes in 2010, Oil World said in its weekly report.
China buys corn, soyoil, soy for state reserves
BEIJING, Oct 12 (Reuters) - China, the world's second-largest corn consumer, booked purchases of about 1.5 million tonnes of corn on Tuesday, either from the U.S. or Argentina, for state reserves, traders said on Wednesday.
Sinograin, which manages the state reserves, also bought 100,000-120,000 tonnes of soyoil from Brazil and 700,000-800,000 tonnes of soybeans from United States for state reserves, they said.
La Nina weather conditions may continue in Malaysia until the end of November, the Meteorological Department said. There should be “normal” rainfall in most states, though it’s likely to be above average in Sabah, the government said in a report. “The amount of rainfall basically should be enough for agricultural activities such as palm oil,” it said. “This abundant rainfall may cause prolonged soil saturation that will affect crop growth or yields for rice, palm oil, cocoa, especially over low-lying areas.” (Bloomberg)
The U.S. soybean crop will be 8.1% smaller than last year, the government said, after dry weather in the Midwest followed by freezing temperatures last month reduced yields.Production will total 3.06 bn bushels, down from last year’s 3.329bn, the U.S. Department of Agriculture said today in a report. The average forecast of 30 analysts surveyed by Bloomberg News was for 3.102bn. Last month, the USDA forecast 3.085 bn bushels. (Bloomberg)
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