ITS CPO export down 14.8% to 594,798 tonnes for the period of 1~15 Apr 2012.
SGS CPO export down 13.5% to 606,804 tonnes for the period of 1~15 Apr 2012.
Drought Draining Reserves of Oils Amid Record Demand (Source: Bloomberg)
Demand for edible oils is climbing to a record as drought damages crops across South America, leaving buyers with the smallest stockpiles in three decades. The use of soy, palm, rapeseed and six other oils will rise 3.9 percent this year, reducing the ratio of reserves to demand to the lowest since 1977, the U.S. Department of Agriculture estimates. Palm, the most-consumed oil, will advance 8.9 percent to 3,800 ringgit ($1,240) a metric ton in Kuala Lumpur by Dec. 31, the highest since February 2011, according to the median of 11 analyst and trader estimates compiled by Bloomberg.
While wheat dropped 23 percent and corn lost 19 percent in the past year as farmers reaped record crops, oilseed prices are surging after drought parched fields across South America, the biggest soybean-producing region. U.S. growers are planting the most corn acres since 1937 and reducing soybean plantings to the smallest in five years, the government estimates. Many farmers bought most of their seeds by January. Since then, soybeans have jumped 19 percent and palm oil 13 percent. “The edible-oil market is tightening up more quickly than anyone expected,” said Wayne Gordon, an agriculture strategist at UBS AG who warned almost a year ago that drier weather would parch South America crops. “It’s in rationing mode. We have yet to see the peak in prices.”
Recap: Soybean Futures (Source: CME)
By Pro Farmer - Mon 16 Apr 2012 14:49:58 CT
Soybean futures were the downside price leader in the grain markets today, finishing mostly 11 to 16 3/4 cents lower, with nearby contracts leading losses. Meal and soyoil saw strong spillover pressure, with soyoil leading losses in the product markets. Early weakness was tied to strength in the U.S. dollar index, but even as the dollar weakened, pressure on soybean futures intensified as traders were focused on lightening risk and taking profits.
Soybean Complex Market Recap (Source: CME)
Mon 16 Apr 2012 14:33:01 CT
May Soybeans finished down 16 3/4 at 1420, 15 3/4 off the high and 4 1/2 up from the low. July Soybeans closed down 16 1/2 at 1424 1/4. This was 4 3/4 up from the low and 15 1/2 off the high. May Soymeal closed down 4.4 at 391.4. This was 1.0 up from the low and 4.5 off the high. May Soybean Oil finished down 0.86 at 55.66, 0.83 off the high and 0.06 up from the low. May soybeans closed sharply lower on the session and saw the lowest close since April 4th. A bearish tilt to outside market forces and slower than expected crush demand plus weakness in other grain markets was enough to spark selling pressures early in the session today. The NOPA crush report this morning showed March soybeans crushed at 140.53 million bushels which was well below trade expectations which were up near 143.8 million. Even with the lower than expected soybean crush, oil stocks came in higher than expected at 2.363 billion pounds. The negative demand news plus more talk that the market is overbought helped to pressure. The COT report on Friday showed a record high net long position from non-commercial traders (funds) as of April 10th for meal and a near record high for soybeans. A fire in the USDA building caused weekly export inspection data and weekly crop progress data to be cancelled until tomorrow. While the equity markets saw some strength and the US dollar shifted from positive to negative on the day, agricultural markets remained under selling pressure on the day with noted weakness in sugar, hogs, cotton, coffee and corn.
VEGOILS-Lower exports weigh on Malaysian palm oil
SINGAPORE, April 16 (Reuters) - Malaysian palm oil futures inched down as a drop in export numbers for the first half of the month saw some traders booking profits, although losses were curbed by tightening edible oil supply.
"You can't just look at what happen in 15 days and say that demand is weak. There may be other reasons such as timing in shipping. We need to get the overall (export data) for the month (to gauge demand)," said James Ratnam, an analyst at TA Securities in Malaysia.
Record Canada canola area may strain fertilizer stocks
WINNIPEG, Manitoba, April 13 (Reuters) - Canadian farmers' zeal for planting canola may strain fertilizer supplies, dealers say, as near-ideal sowing conditions and lofty crop prices drive up planting interest in the oilseed.
This spring, farmers are expected to sow a record-high 20 million acres or more of canola -- a fertilizer-intensive crop -- with the new-crop futures price hitting a contract high this week. Total acres of most crops are expected to rise because of dry conditions after two years of flooding.
Canada 12/13 oilseed output seen up 7 pct-attache
April 13 (Reuters) - Following are selected highlights from a report issued by a U.S. Department of Agriculture attache in Canada:
"The expectation that Canadian farmers will again seed a record amount of canola in 2012/2013 is forecast to boost Canada's total oilseed production (canola, soybeans and sunflowers) to over 20 million tonnes, nearly 7 percent above 2011/2012 production. Large crops and strong prices are expected to keep crush levels high.
Russia 2012 soybean output seen up 3 pct-attache
April 13 (Reuters) - Following are selected highlights from a report issued by a U.S. Department of Agriculture attache in Russia:
"FAS/Moscow forecasts Russia's sunflowerseed production in 2012 at 8.5 million tonnes, which would be 12 percent less than in 2011 but still the second largest crop in Russian history. Soybean production is expected to continue to increase and is forecast at 1.8 million tonnes, a 3 percent increase from last year, while rapeseed production is forecast at 0.9 million tonnes, a 15 percent decline from 2011.
No comments:
Post a Comment