Soybeans (Source: CME)
US soybean futures jump as strong export demand and limited farmer selling bolster the market, which shrugs off early pressure from swooning precious metals and extends recent gains on new export sales to China. Meanwhile, the market's climb to 5-month highs is attracting more trend-following buying, although some traders say a correction could come soon. Ken Morrison, trader and editor of Morrison on the Markets, says that while he is not "super-bearish," it could be "time to take a pause." CBOT March soy ends up 8 1/4c at $13.13 1/2 per bushel.
Soybean Meal/Oil (Source: CME)
March soymeal rises $4.70 to $351.20/short ton. But March soyoil, pressured by crude oil's weakness, slips 0.33c to 54.09c/pound.
US soy drops from 5-month high; corn, wheat ease
SINGAPORE, Feb 29 (Reuters) - U.S. soy edged lower as the market took a breather after seven straight sessions of gains as concerns grew about South American output, and wheat eased from its highest in nearly three weeks amid plentiful supplies.
Corn dipped after climbing to its highest since mid-January on Tuesday, pressured by a broad-based weakness in agricultural markets.
Traders dial up July-Nov soybean positions
-- Gavin Maguire is a Reuters market analyst. The views expressed are his own.--
CHICAGO, Feb 28 (Reuters) - Traditionally, the approach of the U.S. spring season marks the time when agriculture market traders focus primarily on juggling corn versus soybean positions as they take a view on which of those two crops fairs the best price-wise as the U.S. planting season approaches.
But this year trader interest is also sharply growing in pure soybean plays, after crop losses in South America coupled with threats of potential acreage loss in the United States sparked an uptick in end user demand that has reignited the old crop versus new crop soybean spreads.
Palm oil eases on slowing demand, firm ringgit
SINGAPORE, Feb 29 (Reuters) - Malaysian crude palm oil futures fell weighed by slowing demand prospects and a stronger ringgit currency, although hopes that the European Central Bank will offer cheap loans to European banks helped limit losses.
The ringgit-priced palm oil feedstock is now more expensive for refiners as the currency gained further against the dollar, slashing gains in palm oil prices this month to 6.3 percent from 7 percent on Tuesday.
Soybean output set for record 19 mln T fall-Oil World
AMSTERDAM, Feb 28 (Reuters) - Global soybean output this year is set for a record drop of 7.2 percent, or 19 million tonnes, mainly due to bad weather conditions in key growing areas in South America, Germany-based analyst Oil World forecast on Tuesday.
"World production of soybeans is likely to plunge by (a)staggering 19 million tonnes to only 246.5 million tonnes in 2011/12, according to our current estimates - the biggest year-on-year reduction ever registered," Oil World said in a monthly report.
Singapore's Golden Agri to almost double Indonesian palm oil refining ops
SINGAPORE, Feb 28 (Reuters) - Singaporean palm oil firm Golden Agri Resources plans to nearly double its Indonesian refining capacity to 2.6 million tonnes over the next two years as it exploits the country's lower export taxes for refined edible oils, a top official said.
With currently over half a million hectares of land and 1.4 million tonne refining capacity in Indonesia, Golden Agri is a key beneficiary of Jakarta's move in 2011 to slash export taxes, the firm's Executive Director Rafael B. Concepcion Jr said.
First Resources eyes 10 pct CPO output rise, rubber
SINGAPORE, Feb 29 (Reuters) - Singapore-listed First Resources Ltd could produce 10 percent more crude palm oil from its Indonesian plantations this year, while the company also plans to diversify into rubber, its chief executive said on Wednesday.
First Resources, which has a market capitalisation of $2.2 billion, produced 452,113 tonnes of crude palm oil (CPO) in 2011, a 20 percent increase from a year earlier.
Indonesia palm export tax risk to Malaysia refineries
PUTRAJAYA, Malaysia Feb 28 (Reuters) - The change in palm oil export tax in the world's largest supplier, Indonesia, may hurt plans for 25 new refineries in Malaysia where processors are already suffering from weak margins, a Malaysian government minister told Reuters on Tuesday.
Indonesia last year cut export taxes on refined grades that helped its domestic processors restart their factories and offer discounts to overseas buyers.
No comments:
Post a Comment