ITS CPO export up 4.77% to 1,233,444 tonnes for the period of 1~31 Mar 2012.
Soybean Complex Market Recap (Source: CME)
Sun 01 Apr 2012 24:00:15 CT
May Soybeans finished up 47 1/2 at 1403, 13 off the high and 49 1/2 up from the low. July Soybeans closed up 47 at 1408 1/4. This was 48 1/4 up from the low and 13 3/4 off the high. May Soymeal closed up 13.7 at 388.7. This was 13.6 up from the low and 5.6 off the high. May Soybean Oil finished up 1.51 at 55.1, 0.25 off the high and 1.41 up from the low. May soybeans closed 47 1/2 higher on the session and up 37 1/4 for the week. The rally pushed the market to the highest level since September 14th. The much lower than expected acreage helped spark aggressive buying in new crop soybeans to drive November soybeans as much as 65 1/4 cents higher in early trade. November soybeans closed 53 1/4 cents higher. Planted acreage came in at just 73.9 million acres, which was well below trade expectations for 75.4 million. Iowa plantings were down 550,000 from last year and plantings were down 200,000 from last year in Indiana, Minnesota and Nebraska. The USDA pegged March 1st stocks at 1.372 billion bushels compared with trade expectations at 1.39 billion. With the surge in expected demand for US soybeans due to crop losses in South America, traders believed that planted area needs to increase to 76 or 77 million. The USDA also confirmed a sale of 120,000 tonnes of US soybeans to unknown destination. The China National Grains and Oils Information Center believes China imports for the marketing year ending in September will reach 57 million tonnes, up 8.9% from the previous year. With a smaller South America crop, US demand looks to improve. The USDA sees China import demand at 55 million tonnes. Two million tonnes is equal to near 73.4 million bushels. Some traders see China soybean production below 13 million tonnes this coming season as compared with 13.5 million last year as some acres are shifting to corn.
Soybean Market Strength in Next 9 Months (Source: CME)
By CME Group - Fri 30 Mar 2012 09:04:28 CT
In a presentation to CME Group Customers and media on the USDA Prospective Plantings report today, Chief Economist AG Resource, Bill Tierney suggests “the strength in the soybean markets is going to be in the next 9 months. Depending on how much China purchases, the market will change over that period.”
Kitt: Soybean Acreage Could Increase by 2 Million over USDA projection (Source: CME)
By CME Group - Fri 30 Mar 2012 09:01:33 CT
In a presentation to CME Group customers and media on the USDA Prospective Plantings report today Jerrod Kitt, Director of Research at Linn Group suggested “We wouldn’t be surprised if we added 2 million soybean acres on this latest run up.” He added that there’s been reports of seed corn shortage, which, if true, may result in more soybeans planted later.
Soybean Acreage Far Below Expectations (Source: CME)
By CME Group - Fri 30 Mar 2012 08:48:29 CT
In a presentation to CME Group Customers and media on the USDA Prospective Plantings report today, Chief Economist AG Resource, Bill Tierney suggests. "The big surprise was the lower acreage expected for soybeans" The report forecasted 73.9 million acres planted for soybeans, 2.1 percent below the industry average of expectations.” He added that there have been only 2 years where the report was this far below expectations for soybeans.
USDA Grain Stocks Report: SoyBeans Up From 2011. Down From Dec '11 to Feb '12 (Source: CME)
By CME Group - Fri 30 Mar 2012 08:29:15 CT
All soybeans, stored on March 1, 2012, totaled 1.37 billion bushels. This was a 10% increase from March 1, 2011. Soybeans stored on farms are also up 10%, estimated at 555 million bushels. Off-farm stored soybeans also were estimated to be up 10% at 817 million bushels. However, 998 million bushels, from December 2011 to February 2012 were estimated to be down 3% from the same period a year ago.
VEGOILS-Palm oil extends losses for a third day, USDA eyed
SINGAPORE, March 30 (Reuters) - Malaysian palm oil futures extended its losing streak into a third day as traders grew cautious ahead of a key U.S. report on soybean plantings and stocks, although healthy demand for the edible oil curbed losses
"Prices were down and it could be due to the market pricing in the USDA reports on plantings and maybe the market is not very optimistic about it," said Selena Leong, an analyst at DMG & Partners Research in Singapore.
China 2011/12 soy imports seen up 8.9 pct y/y -CNGOIC
BEIJING, March 30 (Reuters) - China, the world's top soy importer, is expected to import about 57 million tonnes of the oilseed in the year to Sept. 30, up 8.9 percent from the previous year, according to the latest estimate from an official think-tank.
Chinese crushers have increased imports to meet robust demand from the livestock breeding sector as the industry has also expanded crushing capacity this year.
Argentine soy crop cut again as drought bites-Exchange
BUENOS AIRES, March 29 (Reuters) - Argentina's 2011/12 soy output was estimated at 45 million tonnes, down from a previous forecast of 46.2 million tonnes, the Buenos Aires Grains Exchange said Thursday, citing drought-related losses in the northern growing areas.
A dry spell at the height of the Southern Hemisphere summer in December and January cut into Argentina's crop yields. The country is the world's top exporter of soymeal, used as animal feed, and of soyoil, used for cooking and in biofuels.
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