Reuters Survey :
Malaysia Nov 2011 Crude Palm Oil
- Imports seen up 86.5% at 75,000 tonnes
- Exports seen down 11.7% at 1.63 million tonnes from Oct 2011
- Stocks seen down 6.7% at 1.96 million tonnes from Oct 2011.
- Output seen down 15% at 1.62 million tonnes from Oct 2011.
Soybeans (Source: CME)
US soybean futures end slightly higher, rebounding from early losses thanks to support from corn. Soy fell along with ag futures generally in the early going, but rallied as corn bounced from 1-year lows. Uncertainty about the soy crop in South America, where forecasts are lacking rain, is also underpinning prices, although some traders are dismissive of those concerns. "There's been more talk this week of South American weather turning drier, but it's just talk," says Tim Hannagan of PFG Best. Farm Futures adds the market was supported early by talk of renewed Chinese demand. January CBOT soy ends up 3 1/4c at $11.29 1/2 a bushel.
Soybean Meal/Oil (Source: CME)
December soymeal rose $1.10 to $282.20/short ton. December soymeal, burdened by weaker crude oil, fell 0.09c to 49.98c/pound.
India's 2011-12 Soybean Output Seen At Record 11M Tons - USDA (Source: CME)
Indian soybean production is forecast to reach a record 11 million tons in marketing year 2011-12, the U.S. Department of Agriculture's New Delhi attache said, as favorable monsoon rains encouraged autumn planting of oilseeds. Soybeans were planted on a record 10.3 million hectares, the USDA said, an increase of 10% on the previous year. Favorable conditions helped extend the window for planting, contributing to higher autumn season soybean acreage in Madhya Pradesh, Maharashtra and Rajasthan. The USDA said farmers also increased planting of cotton, rice, sugarcane and castor crops, but showed less interest in coarse cereals and pulse crops. Conditions were less favorable for peanut and sunflower, but 2011-12 peanut production should reach 5.4 million tons from 5.3 million hectares, despite a 14% decrease in autumn planting. Meanwhile, 2011-12 sunflower production is forecast at 625,000 tons from 1 million hectares, assuming normal winter sown conditions.
Palm oil drops on S&P's possible euro zone downgrade
KUALA LUMPUR, Dec 6 (Reuters) - Malaysian palm oil futures dropped as the euro zone debt crisis deepened with Standard & Poor's warning it may cut the credit ratings of the region that is threatening to slow the world's economic growth.
"There is really no impetus for the market to move higher. The market is keeping its support level at 3,080 ringgit per tonne," said a trader with a foreign commodity brokerage.
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