Soybeans (Source: CME)
US soybean futures end lower, pressured by disappointing weekly export data and worries about weaker Chinese demand. The USDA reported weekly net export sales of 532,800 metric tons of soybeans for the week through March 15, below analysts' expectations for total sales between 900,000 and 1.3 million metric tons, raising concerns about high prices damping demand. A weak reading for Chinese manufacturing activity released fueled concerns about slowing economic growth in China, leading to possible slower soy demand in the world's largest soybean importer. CBOT May soybeans end down 5 1/2c at $13.49 1/2/bushel.
Soybean Meal/Oil (Source: CME)
May soymeal rises $0.30 to $370.10/short ton, and May soyoil ends down 0.42c to 53.96 cents/lb.
Argentina Pegs 2011-12 Soybean Crop At 44 Million Tons (Source: CME)
Argentina's 2011-12 soybean crop will likely total 44 million metric tons, the agriculture ministry said in its monthly crop report. Last month, the government had forecast production of 43.5 million to 45 million tons. Early drought hit yields hard, but steady showers since late January have stemmed the damage. Farmers are just starting to harvest the soy crop. Argentina leads global soyoil and soymeal exports and ranks third in soybean exports. The government also narrowed its forecast for 2011-12 corn production to a 21.2 million tons, down from the 23 million tons it said was grown last season. Last month the government had pegged the crop at 20.5 million to 22 million tons. While still a relatively large crop, production is seen down significantly from early expectations for as much as 30 million tons of corn this season. Argentina is the world's second-largest corn exporter and the harvest is well under way.
VEGOILS-Palm oil slips; strong exports view supports
KUALA LUMPUR, March 22 (Reuters) - Malaysian palm oil futures inched lower as some traders booked profits from an earlier rally although expectations of cargo surveyors reporting strong exports growth next week curbed losses.
"The export numbers for March 1-25 are going to be strong. There is room to take some profit but not too much because everyone is talking about a second upswing in prices," said a trader with a foreign commodities brokerage in Kuala Lumpur.
Indonesia raises crude palm oil export tax for April
JAKARTA, March 22 (Reuters) - Indonesia, the world's top palm oil producer, will increase its export tax for crude palm oil to 18 percent for April from 16.5 percent in March, while leaving its tax on cocoa beans unchanged, a trade ministry official said on Thursday.
The government will also raise the export tax for RBD palm olein to 9 percent in April, versus 8 percent in March, said Deddy Saleh, the director general of foreign trade at the trade ministry.
China March soy imports seen up 33 pct -ministry
BEIJING, March 22 (Reuters) - China, the world's top soy buyer, is expected to import 5.1 million tonnes of the oilseed in March, an increase of 33 percent from February, the commerce ministry estimates, as crushers step up imports and feed mills boost soymeal purchases.
China's soy imports in the first half of this year could rise 25 percent from a year ago, fuelled by strong demand from animal feed producers, an official think-tank said in a report.
Turkey 2012 oilseed output seen at 2 mln tonnes-attache
March 21 (Reuters) - Following are selected highlights from a report issued by a U.S. Department of Agriculture attache in Turkey:
"Total oilseed production for Turkey in MY 2011 reached 1.9 million tonnes, up 12 percent due to a large increase of cottonseed production. MY 2012 production is forecast to reach 2 million tonnes, driven by a projected increase in sunflower seeds. Turkey continue to have a net deficit of oilseeds and products, therefore it is import dependent.
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