Soybeans (Source: CME)
US soybean futures end higher, fueled by investors evening trades ahead of tomorrow's crop production updates from federal forecasters. Traders consolidating risk, bracing for any surprises in government crop estimates, particularly after prices stumbled yesterday, analysts say. A weaker US dollar added broad-based support to commodities, but outlooks for larger projected inventories and slower export demand limited advances, analysts add. CBOT Jan soy ended 3 1/4c higher at $12.05/bushel.
Soybean Meal/Oil (Source: CME)
Soy product futures finished mixed, as traders reduced risk exposure ahead of Wednesday's government supply and demand reports. Soyoil rose as trimmed short positions, while soymeal stumbled on the unwinding meal/oil spreads, analysts say. Dec soymeal ended down $1.70 at $307.60 per short ton, and Dec soyoil climbed 0.65c at $51.85 cents/pound.
Wilmar International Third-Quarter Profit Gains 24%, Misses Estimates (Source: Bloomberg)
Wilmar International Ltd. (WIL), the world’s biggest palm-oil processing company, said third-quarter profit gained 24 percent, missing analyst estimates, forecasting a challenging environment for its oilseed and grains operations Net income rose to $321 million, or 5.0 cents a share, in the three months ended June 30, compared with $259.5 million, or 3.9 cents, a year earlier, the Singapore-based company said today in a statement. That compares with the $443.3 million mean estimate of four analysts in a survey compiled by Bloomberg. Revenue increased 69 percent to $13 billion. Crude palm oil prices averaged 20 percent higher in the third quarter from a year earlier, increasing Wilmar’s production costs. China’s battle with inflation has also slowed the economy, eroding demand in the company’s biggest market for processed cooking oils.
Palm oil rises to 7-week high on weather concerns, data
KUALA LUMPUR, Nov 8 (Reuters) - Malaysian palm oil futures rose to a seven-week high ahead of a slew of industry data this
week and as concerns of bad weather hitting output of the tropical oil spurred some investors to stock up.
"There is caution but investors do not want to let go of the fact that weather and production problems could push up the
market later on," said a trader with a foreign commodities brokerage.
Argentina Sept soy crushing down 1.2 pct year/year
BUENOS AIRES, Nov 7 (Reuters) - Argentine soy-crushing dropped 1.2 percent in September versus a year earlier to 3.7 million
tonnes due to a smaller 2010/11 harvest that followed a record 2009/10 crop, the government said in a crushing report.
Argentina is the world's top supplier of soyoil and soymeal and the third-biggest exporter of unprocessed beans.
Brazil to put out record soy and corn crop-Celeres
SAO PAULO, Nov 7 (Reuters) - Responding to appealing international prices and coming off successful harvests, Brazilian
farmers are planting record soybean and corn crops this season, grain analysts Celeres said on Monday.
Brazil's 2011/12 soybean crop is seen at a record 75.5 million tonnes, up from the 75.18 million tonnes forecast in early
October, Celeres said in its fourth forecast of the new grain crop.
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