Soybeans (Source: CME)
US soy futures end lower, pressured by traders continuing to take profits on recent gains amid worries about export demand. Analysts are concerned that high soy prices were stall export demand, despite lower projected global supplies. The unwinding of long soybeans/short corn spreads were featured as corn remains buoyed by tight supplies and lingering talk fresh export demand, analysts say. Meanwhile, a pick up Brazil's soy harvest added pressure, as the availability to global supplies increase, analysts say. Soy products followed the lead of beans, with soyoil garnering added weakness from slumping energy futures. CBOT May soybeans ended down 3 1/4c to $13.34 1/2/ a bushel.
Soybean Meal/Oil (Source: CME)
May soyoil dropped 0.31c to 53.96 cents/lb, and May soymeal was down $0.60 to $362.10/short ton.
India crushes more than half of 2011/12 soybean crop
MUMBAI, March 9 (Reuters) - India has crushed more than half of its 2011/12 soybean crop to meet aggressive export demand for soymeal and is likely to start the new marketing year in October with meagre carry forward stocks of beans, a senior industry official said.
"Around 6.5 milion tonnes of soybean have already been crushed out of total arrivals of 7.5 million tonnes," Rajesh Agrawal, chief co-ordinater at the Soybean Processors Association of India (SOPA), told Reuters in an interview.
Palm oil slips on China data, USDA report
KUALA LUMPUR, March 12 (Reuters) - Malaysian crude palm oil futures eased, as weak Chinese exports and a slightly bearish U.S. soybean report offset the bullish sentiment that had propelled prices to 9-month highs last week. China posted its largest trade deficit in at least a decade, fanning concerns that slowing exports from the world's second largest economy will hurt global growth, as well as demand for palm oil.
"Overall, the news is slightly negative for CPO prices as it tracks soybean oil prices closely. However, the low production season in the first quarter, and improving demand from China and India, should support CPO prices in the near term," said Alan Lim, research analyst with Kenanga Investment Bank in Malaysia.
Argentina soy harvest gets started - gov't
BUENOS AIRES, March 9 (Reuters) - Farmers have begun harvesting the 2011/12 soy crop in Argentina, the world's No. 3 soybean exporter and its top soyoil and soymeal supplier, the local Agriculture Ministry said on Friday.
A drought earlier in the season cut soy output estimates by about 10 percent and slashed the outlook for corn by nearly 30 percent, although rains that began falling in mid-January later brought relief.
Drought hits S.America soy crop harder than expected
WASHINGTON, March 9 (Reuters) - South America's drought withered Brazil's big soybean crop by 9 percent in the past three months, and the crop in Argentina by 11 percent, the U.S. government said Friday, more than traders had expected.
The smaller crops in Brazil and Argentina, which combined grow nearly half of the soybeans in the world, means slightly smaller but still ample global stocks, the Agriculture Department said in its monthly assessment of crops worldwide.
Palm oil stockpiles in Malaysia gained for the first time in five months in February, staying above two million metric tons as exports declined. Inventories increased 2% to 2.06m tons from January, the Malaysian Palm Oil Board said. That was more than the 1.9m tons predicted in a Bloomberg survey last week and higher than the 1.48m tons last year. Output fell 7.9% to 1.19m tons and exports shrank 12.6% to a one-year low of 1.21m tons, it said. Higher supplies may pressure prices which rose to a nine- month high on March 9 on concerns that global soybean production will decline after crops in South America were damaged by a drought. Soybeans can be crushed to make soybean oil, a substitute of palm oil in food and fuel. (Bloomberg)
Malaysia‘s palm oil exports rose 33% in the first 10 days of March compared with the previous month, estimated Societe Generale de Surveillance, an independent cargo surveyor. A total of 448,615 metric tons of palm oil were tracked, SGS said. Malaysia exported 337,618 tons of palm oil during the same period in February, according to the surveyor. (Bloomberg)
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