Soybeans (Source: CME)
US soybean futures fell Thursday, fueled by larger-than-expected supply estimates from government forecasters. The supply forecast coupled with beneficial rains moving into parched South American crop areas provided enough negative influences to briefly drop prices to 3-week lows. However, with a great deal of uncertainty still surrounding South American crop potential, and fresh export demand, futures found support to trim losses, analysts say. The soybean market was also buoyed by the traders unwinding corn/soy spreads and analysts' views that prices were oversold after tumbling the day before. CBOT March soy ended down 20 1/2c at $11.82 1/2/bushel.
Soybean Meal/Oil (Source: CME)
Soy product futures fell in unison with soybeans, pressured by larger government supply forecasts. Speculative selling was featured across the soy complex as traders reduced premium previously built into prices on tighter supply expectations. CBOT March soymeal dropped $5.70 to $307.10/short ton, March soyoil ended down 0.43c at 51.46c/lb.
Palm oil eases on Argentine rains, USDA report eyed
SINGAPORE, Jan 12 (Reuters) - Malaysian crude palm oil futures fell, tracking an earlier decline in soy futures as rains in Argentina provided temporary relief to the drought-stressed crops while investors remained cautious ahead of a key U.S. report.
"The market's tracking soyoil which was down quite bad. On the local front there's not much to lead the market. It's a range trading within 3,200-3,250 ringgit," said a trader with a foreign commodities brokerage in Kuala Lumpur.
China's Sinograin to expand soy crushing capacity
BEIJING, Jan 12 (Reuters) - China Grain Reserves Corp (Sinograin), which manages the state grain reserves, will expand its commercial operation of soy crushing to profit from the country's rising demand for cooking oils and animal protein, according to analysts and local media reports.
The expansion will enable the state-owned company to compete for market share with Singapore-based Wilmar International , which now has the biggest crushing capacity and market share of consumer pack edible oils in the country, the world's top soy importer.
India Dec palm oil imports to fall; soyoil up
NEW DELHI, Jan 12 (Reuters) - India's palm oil imports are likely to decline in December over the previous month as domestic oilseeds crushing peaked, but the fall is expected to reverse next month as local supplies run out, a Reuters survey showed on Thursday.
The other reasons for the fall are a weak rupee that has made imports costlier and a tendency of palm oil to solidify at lower temperatures. It is winter in India now.
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