Soybeans (Source: CME)
U.S. soy futures rally, ending higher on Brazil crop worries and Chinese export demand. Fresh export sales, the third straight day of sales, buoyed the market and added to optimism stemming from a Chinese delegation's U.S. visit, where another export announcement was expected. Declining crop prospects for Brazil are behind the improved outlook for U.S. business, traders say. Prices surge to a four-month high, though gains were trimmed as corn and wheat prices retreated. Soybeans' recent gains could mean more U.S. acreage this spring, traders add. CBOT March soybeans end up 6c to $12.61 per bushel.
Soybean Meal/Oil (Source: CME)
March soyoil ended up .33c to 53.35 cents/lb, and March soybean meal gained $2.70 to $3.328 per short ton.
China Signs $4.3B of Soybean Deals With U.S. (Source: Bloomberg)
China, the world’s biggest soybean importer and consumer, signed agreements in Iowa to purchase 8.62 million metric tons of the oilseed from U.S. suppliers in a deal valued at $4.3 billion. Soybeans will be supplied by companies including Cargill Inc., Archer Daniels Midland Co. (ADM), Bunge Ltd. (BG) and CHS Inc., Iowa Soybeans Association Chief Executive Office Kirk Leeds said today in Des Moines, Iowa, during a U.S.-China trade cooperation conference. Iowa Governor Terry Branstad is hosting a two-day visit by Chinese Vice President Xi Jinping, 58, who is slated to become president in March 2013. Iowa is the biggest U.S. producer of corn, soybeans, hogs and eggs. “It is phenomenally important to have Vice President Xi here because it says that Iowa is an important place to do business,” Leeds said yesterday in an interview. “These agreements are the direct result of activities by U.S. soybean groups in China since 1981 to promote soybean-meal demand in livestock, chicken and aquaculture feed.”
China became the largest buyer of U.S. farm products in 2010, and last year boosted purchases to $22.17 billion, U.S. Department of Agriculture data show. The nation purchased 20.6 million metric tons of soybeans from the U.S. last year, or 60 percent of the total shipped overseas. China probably will increase purchases from all suppliers by 62 percent in the next decade to 90 million tons from a projected 55.5 million this year, the USDA said Feb. 13.
Palm oil eases on fears of slowing demand
SINGAPORE, Feb 15 (Reuters) - Malaysian crude palm oil futures eased after exceeding one-month highs in the previous session on prospects of slowing demand, but losses were limited by weather concerns in South America.
"There's a slight consolidation after yesterday's rise," said a dealer with a foreign commodities brokerage in Kuala Lumpur.
India's Jan vegoil imports down 8.5 pct y/y - trade body
Feb 14 (Reuters) - India imported 659,979 tonnes of vegetable oils in January, down 8.5 percent from a year earlier, data released by a leading trade body showed on Tuesday, lower than the average forecast in a Reuters survey.
Palm oil imports -- the bulk of India's edible oil purchases - eased 2.6 percent in January to 511,043 tonnes, data released by the Solvent Extractors' Association of India (SEA) showed.
Plantation: CPO prices look strong but Indonesian export tax a dampener
Crude palm oil (CPO) prices will generally continue their good run this year although the Indonesian government’s decision to reduce export tax on refined palm productions will weigh heavily on Malaysian palm oil production. Malaysian Palm Oil Council deputy CEO Dr Kalyana Sundram said that prices are looking firm said he feel prices will hold and should generally be a good year for 2012. (Financial Daily)
The price of crude palm oil (CPO) will fluctuate but is not likely to drop below RM3,000 per tonne as demand for CPO will stay robust due to rising consumption, said Malaysian Palm Oil Council (MPOC) deputy CEO Dr Kalyana Sundram. He said the demand for palm oil would likely outstrip supply as population rose, adding that the average price of RM3,000 was also buoyed by favourable weather which impacted production positively. (StarBiz)
No comments:
Post a Comment