US soybean futures end higher, fueled by traders maintaining risk premium in the market amid the uncertainties surrounding South American crop potential. Traders are cautious of crop threats from hot, dry weather, particularly with South American soy crops still ahead of their key stage of development, analysts say. Soy prices also buoyed by end-user buying, such as processors eyeing price breaks as buying opportunities, fearful of prices escalating further on a South American crop scare, analysts add. CBOT March soy end up 2 1/2c at $12.30/bushel.
Soybean Meal/Oil (Source: CME)
Soy-product futures end mixed, with soymeal rising with soybeans on South American crop uncertainty. Soymeal was also buoyed optimistic outlooks for improved domestic demand, with higher broiler prices and a possible reduction in DDG supplies following the expiration of the ethanol blenders tax credit leaving traders hopeful, analysts say. Soyoil backpedaled as traders took profits on long soyoil/short soymeal spreads. March soymeal ended up $1.40 at $320.60/short ton while March soyoil dropped 0.08c to 53.03c/pound.
Soybeans Rise as Dry Weather Hurts South America Crop; Corn Is Unchanged (Source: Bloomberg)
Soybeans rose for the third straight session on speculation that adverse weather in South America will cut production, boosting demand for U.S. supplies. Corn was unchanged. Hot, dry weather will continue to stress crops in Argentina, Paraguay and southern Brazil in the next six days before light rains, T-Storm Weather LLC said in a report. Precipitation will be less than normal and allow for additional soil-moisture evaporation, the forecaster said. “Soybean production will be hurt in South America, and the U.S. is the only source for alternative supplies,” Roy Huckabay, an executive vice president at the Linn Group in Chicago, said in a telephone interview.
Palm oil slips after weather driven-rally
SINGAPORE, Jan 4 (Reuters) - Malaysian crude palm oil futures eased as traders booked profits from a weather-fuelled rally that lifted the market to a six-week high the previous day although an improving global economic outlook limited losses.
"Futures were a little overbought yesterday. Albeit the strong sentiment, product buyers were not enthusiastic at all yesterday. The high prices will dampen the already anaemic demand," said a dealer with a local commodities brokerage in Malaysia.
Indonesia palm oil output seen up 6 pct in 2012 - assoc
JAKARTA, Jan 4 (Reuters) - Crude palm oil (CPO) output in Indonesia, the world's top producer, is expected to rise 6 percent to 25 million tonnes this year, the Indonesian Palm Oil Association (Gapki) said on Wednesday.
Exports of CPO from Southeast Asia's largest economy will climb by as much as 9 percent in 2012 to 17.5-18 million tonnes, the industry group said in a statement.
Argentine soy crush down 5.4 pct in November
BUENOS AIRES, Jan 3 (Reuters) - Argentine soy crushing activity fell 5.4 percent in November year-on-year to nearly 3 million tonnes following a record 2009/10 crop and a smaller 2010/11 season, the government said in its latest crushing report.
Argentina is the world's top supplier of soyoil and soymeal and the No. 3 exporter of unprocessed beans.
Weather erratic for Brazil soy as harvesting starts
BRASILIA, Jan 3 (Reuters) - Heavy showers will sweep over central and northeastern soy regions in Brazil this week but little moisture will reach the critically dry south, forecaster Somar said on Tuesday, as some farmers fire up harvesters to start gathering the crop.
The world's No. 2 soy producer is now well into the wet summer season. But the La Nina weather anomaly has disrupted rainfall patterns in the south, keeping that region and neighboring Argentina's soy areas mostly dry in recent weeks.
Malaysia's December palm oil stocks seen at 5-month low
KUALA LUMPUR, Jan 4 (Reuters) - Malaysia's palm oil stocks likely fell to a five-month low in December as a fall in production outpaced a drop in exports, a Reuters survey of seven plantation firms showed on Wednesday.
Stocks in the world's No.2 producer of the tropical oil probably dropped 5.7 percent to 1.95 million tonnes from 2.01 million tonnes in November as heavy rains disrupted harvests in parts of Malaysia.
India's 2011/12 edible oil imports seen up 6.3 pct
MUMBAI, Jan 4 (Reuters) - India's edible oil imports in the year ending October 2012 are likely to rise by 6.3 percent to 8.9 million tonnes and all the additional imports will be refined palm oil after Indonesia changed export taxes, a senior Indian industry official said.
Indonesia altered duties to make its refined palm oils more attractive than crude palm oil (CPO) from October 2011, prompting warnings from refiners in India, the world's top cooking oil buyer, it would be a "death blow."
Palm oil output and exports from Indonesia, the largest producer, are expected to rise this year as more palm trees mature amid strong demand from India and China, a producers group said. Production may rise 6.4% to 25m metric tons this year, the Indonesia Palm Oil Association, known as Gapki, said in a statement today. Exports may increase to 17.5m tons to 18m tons from an estimated 16.5m tons last year, the group said. Increased supplies from the Southeast Asian country may add to price declines in the commodity which fell about 16% last year in Kuala Lumpur after output in Indonesia and Malaysia, the second biggest producer, expanded and the European sovereign-debt crisis curbed demand. (Bloomberg)
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