Soybeans (Source : CME)
US soybean futures end down, falling amid on broader risk-off trading in commodity markets. Worries that the European sovereign-debt crisis might spread across the continent along with slow global economic growth sparked nervous selling as traders trimmed risk exposure. Spillover pressure from sharply lower corn and wheat futures added to the negative mood in the market, but confirmation of strong export demand provided support that limited losses. CBOT January soybeans ended down 19 1/2c at $11.68 1/4 a bushel.
Soybean Meal/Oil (Source : CME)
Soy products fall with soybeans, Soyoil futures tumbled on spillover pressure from soybeans and sharp declines in crude oil futures, analysts say. Crude oil influences soyoil, as biodiesel fuel is derived from soybean oil. Soymeal ended lower, but declines were limited by higher-than-expected weekly export sales data. CBOT Dec soymeal ended down $1.90 at $294.50/short ton; Dec soyoil dropped 1.08c to 51.40 cents/lb.
Argentina Sees Soybean Area At 19 Million Tons; Up 0.6% On Year (Source : CME)
Argentina's 2011-12 soybean area will likely rise 0.6% on the year to 19 million hectares, the Agriculture Ministry said in its weekly crop report. The forecast is the first from the ministry for soybeans, the country's top crop and export. The beans are a key source of hard currency and tax revenue for the government. The country is the world's top soymeal and soyoil exporter and ranks third in global soybean exports. Planting is in full swing after showers earlier in November, and 30% of the soy crop was planted so far, according to the ministry. Earlier, the Buenos Aires Cereals Exchange raised its forecast for soy area to 18.9 million hectares, up from 18.6 million hectares estimated last week. The Rosario Grain Exchange is expecting the soy crop to total 49.5 million metric tons, the second-largest ever. The 2009-10 season holds the record for total soybean production, when 54.5 million tons were harvested.
The ministry also trimmed its forecast for 2011-12 wheat production to 12 million tons, down from 12.6 million tons forecast last month. That's down 24% on the year, the ministry said. The Buenos Aires exchange sees 2011-12 wheat production at 13 million tons. Argentina is a leading global wheat exporter, with most shipments going to neighboring Brazil. So far 14.1% of the crop has been harvested, according to the Buenos Aires Exchange.
Palm at five-month high on monsoon effect
JAKARTA, Nov 17 (Reuters) - Malaysian palm oil futures touched a five month peak, boosted by robust demand and investor expectations of lower production in key Asian planters due to the onset of the rainy season.
"Still bullish," said a Jakarta-based palm trader. "Some short-covering came in after the market touched a new high."
La Nina to spark severe rains in oil palm growing Malaysia
KUALA LUMPUR, Nov 17 (Reuters) - A weak-to-moderate La Nina weather pattern will trigger severe monsoon rains in Malaysia's key oil palm growing regions, the weather office said on Thursday, potentially disrupting harvesting and boosting prices.
The Malaysian Meteorological Department told Reuters in a statement the presence of the La Nina in the equatorial central Pacific Ocean will worsen the northeast monsoon season that runs from this month till March next year.
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