May soybeans finished up 3 1/4 at 1286 3/4, 5 off the high and 7 3/4 up from the low. July Soybeans closed up 4 at 1295 1/4. This was 8 1/4 up from the low and 4 1/4 off the high.
May Soymeal closed up 0.9 at 336.2. This was 1.7 up from the low and 2.7 off the high. May Soybean Oil finished up 0.06 at 54.65, 0.05 off the high and 0.26 up from the low.
May soybeans closed 3 1/4 cents higher on the session and up 13 cents for the week. The market posted the highs early in the day and drifted lower but managed to hold support to close higher for the fifth session in a row and up 8 of the past none days. Solid export news this week and ideas that the USDA will need to revised 2012/13 usage data even higher ahead with further adjustments down in South America production helped to support.
Weakness in wheat and corn helped to limit the advance early. Talk that China has bought 5-10 cargoes of US soybeans this week added to the positive tone and fund traders have been noted buyers on the day. Weekly export sales for soybeans came in at 1.159 million tonnes for the current marketing year and 2.873 million for the next marketing year for a total of 4.032 million tonnes.
As of February 16th, cumulative soybean sales stand at 81.8 per cent of the USDA forecast for 2011/2012 (current) marketing year versus a 5 year average of 86.2 per cent.
Old crop sales of 223,000 metric tonnes are needed each week to reach the USDA forecast. Meal sales came in at 216,000 metric tonnes as compared with 91,000 tonnes needed each week to reach the USDA forecast for the season.
Oil sales came in at 25,200 metric tonnes as compared with 8,000 tonnes needed each week to reach the USDA forecast. The USDA put preliminary ending stocks for soybeans for the 2012/13 season at 205 million bushels from 275 million this year.
Ideas that demand for US soybeans could stay strong ahead due to tighter than expected supply from South America plus a continued shift down in the US dollar helped to support the market early in the session to trade higher and up to the highest level since October 14th.
May Soymeal closed up 0.9 at 336.2. This was 1.7 up from the low and 2.7 off the high. May Soybean Oil finished up 0.06 at 54.65, 0.05 off the high and 0.26 up from the low.
May soybeans closed 3 1/4 cents higher on the session and up 13 cents for the week. The market posted the highs early in the day and drifted lower but managed to hold support to close higher for the fifth session in a row and up 8 of the past none days. Solid export news this week and ideas that the USDA will need to revised 2012/13 usage data even higher ahead with further adjustments down in South America production helped to support.
Weakness in wheat and corn helped to limit the advance early. Talk that China has bought 5-10 cargoes of US soybeans this week added to the positive tone and fund traders have been noted buyers on the day. Weekly export sales for soybeans came in at 1.159 million tonnes for the current marketing year and 2.873 million for the next marketing year for a total of 4.032 million tonnes.
As of February 16th, cumulative soybean sales stand at 81.8 per cent of the USDA forecast for 2011/2012 (current) marketing year versus a 5 year average of 86.2 per cent.
Old crop sales of 223,000 metric tonnes are needed each week to reach the USDA forecast. Meal sales came in at 216,000 metric tonnes as compared with 91,000 tonnes needed each week to reach the USDA forecast for the season.
Oil sales came in at 25,200 metric tonnes as compared with 8,000 tonnes needed each week to reach the USDA forecast. The USDA put preliminary ending stocks for soybeans for the 2012/13 season at 205 million bushels from 275 million this year.
Ideas that demand for US soybeans could stay strong ahead due to tighter than expected supply from South America plus a continued shift down in the US dollar helped to support the market early in the session to trade higher and up to the highest level since October 14th.
Soybean production is projected at 3.285 billion bushels, down 44 million from the 2010 crop mostly due to lower harvested area. Global oilseed production for 2011-2012 is projected at a record 459.2 million tons, up 2.2% from 2010-2011. Global soybean production is projected to increase less than 1% to 263.3 million tons. The Argentina crop is projected at 53 million tons, up 3.5 million from 2010-2011 crop based on a higher harvested area and yields.
Soybean prices futures for March delivery climbed 1.6 percent to $11.395 a bushel on the CBOT, bringing the gain this week to 2.9 percent, the most in two months. Soybeans rose on speculation that adverse weather will reduce yield potential in Argentina and Brazil, boosting demand for U.S. supplies.
Soybean yields are projected at a trend level of 43.4 bu./acre, down 0.1 bu. from 2010. Soybean supplies are projected at 3.47 billion bushels, down less than 1% from 2010-2011 as larger beginning stocks partly offset lower production. Soybean ending stocks for 2010-2011 are projected at 170 million bushels, up 30 million from last month due to reduced exports.
Soybean crush for 2011-2012 is projected at 1.655 billion bushels, up fractionally from 2010-2011 as a lower extraction rate offsets reduced total soybean meal demand. Lower soybean meal export demand projected for 2011-2012 is only partly offset by a small increase in domestic soybean meal use, leaving total soybean meal use down 1% from 2010-2011. Domestic soybean oil consumption is projected to increase 7% mostly due to biodiesel production gains. Soybean oil used for biodiesel production is projected at 3.5 billion pounds, up 1 billion from 2010-2011 reflecting a higher biodiesel use mandate.
With lower 2011-2012 U.S. soybean supplies and higher South American soybean supplies on hand this fall, U.S. soybean exports are projected at 1.54 billion bushels, slightly below the 2010-2011 level despite a projected increase in global import demand led by China. Ending stocks for 2011-2012 are projected at 160 million bushels, down 10 million from 2010-2011, leaving the stocks-to-use ratio at 4.8%.
The U.S. season-average soybean price for 2011-2012 is projected at $12-14/bu. compared with $11.40 in 2010-2011. Soybean meal prices are forecast at $350-380/short ton, compared with $350 for 2010-2011. Soybean oil prices are projected at 56-60¢/lb. compared with 53.5¢ for 2010-2011.
The Brazil soybean crop is projected at 72.5 million tons, down 0.5 million from the projected record 2010-2011 crop. A 3% increase in harvested area is more than offset by a return to trend yields. China soybean production is projected at 14.8 million tons, down 0.4 million from 2010-2011 due to lower area and yields. Higher rapeseed production for Canada, Australia, China and Ukraine more than offsets lower production for EU-27. For sunflowerseed, production gains for Russia, Ukraine and EU-27 more than offset reduced production in Argentina. Led by gains in global oilseed production, 2011-2012 oilseed supplies are up 2.4% from 2010-2011. With global crush projected to increase 3.5%, global oilseed stocks are projected to decline 1.5 million tons to 72.2 million.
Global protein meal consumption is projected to increase 3.6% in 2011-2012. Protein meal consumption is projected to increase 7.8% in China, accounting for 54% of global protein consumption gains. Global soybean exports are projected at 98.7 million tons, up 2.8% from 2010-2011. China soybean imports are projected at 58 million tons, up 3.5 million from 2010-2011. Global vegetable oil consumption is projected to increase 3.5% in 2011-2012, led by increases for China, India.
Soybean prices futures for March delivery climbed 1.6 percent to $11.395 a bushel on the CBOT, bringing the gain this week to 2.9 percent, the most in two months. Soybeans rose on speculation that adverse weather will reduce yield potential in Argentina and Brazil, boosting demand for U.S. supplies.
Soybean yields are projected at a trend level of 43.4 bu./acre, down 0.1 bu. from 2010. Soybean supplies are projected at 3.47 billion bushels, down less than 1% from 2010-2011 as larger beginning stocks partly offset lower production. Soybean ending stocks for 2010-2011 are projected at 170 million bushels, up 30 million from last month due to reduced exports.
Soybean crush for 2011-2012 is projected at 1.655 billion bushels, up fractionally from 2010-2011 as a lower extraction rate offsets reduced total soybean meal demand. Lower soybean meal export demand projected for 2011-2012 is only partly offset by a small increase in domestic soybean meal use, leaving total soybean meal use down 1% from 2010-2011. Domestic soybean oil consumption is projected to increase 7% mostly due to biodiesel production gains. Soybean oil used for biodiesel production is projected at 3.5 billion pounds, up 1 billion from 2010-2011 reflecting a higher biodiesel use mandate.
With lower 2011-2012 U.S. soybean supplies and higher South American soybean supplies on hand this fall, U.S. soybean exports are projected at 1.54 billion bushels, slightly below the 2010-2011 level despite a projected increase in global import demand led by China. Ending stocks for 2011-2012 are projected at 160 million bushels, down 10 million from 2010-2011, leaving the stocks-to-use ratio at 4.8%.
The U.S. season-average soybean price for 2011-2012 is projected at $12-14/bu. compared with $11.40 in 2010-2011. Soybean meal prices are forecast at $350-380/short ton, compared with $350 for 2010-2011. Soybean oil prices are projected at 56-60¢/lb. compared with 53.5¢ for 2010-2011.
The Brazil soybean crop is projected at 72.5 million tons, down 0.5 million from the projected record 2010-2011 crop. A 3% increase in harvested area is more than offset by a return to trend yields. China soybean production is projected at 14.8 million tons, down 0.4 million from 2010-2011 due to lower area and yields. Higher rapeseed production for Canada, Australia, China and Ukraine more than offsets lower production for EU-27. For sunflowerseed, production gains for Russia, Ukraine and EU-27 more than offset reduced production in Argentina. Led by gains in global oilseed production, 2011-2012 oilseed supplies are up 2.4% from 2010-2011. With global crush projected to increase 3.5%, global oilseed stocks are projected to decline 1.5 million tons to 72.2 million.
Global protein meal consumption is projected to increase 3.6% in 2011-2012. Protein meal consumption is projected to increase 7.8% in China, accounting for 54% of global protein consumption gains. Global soybean exports are projected at 98.7 million tons, up 2.8% from 2010-2011. China soybean imports are projected at 58 million tons, up 3.5 million from 2010-2011. Global vegetable oil consumption is projected to increase 3.5% in 2011-2012, led by increases for China, India.
Corn fell the most this month and soybeans dropped to the lowest price in almost three weeks as a rally in the dollar eroded prospects for U.S. exports and reduced the investment appeal of commodities.
The dollar advanced against all its major peers after MF Global Holdings Ltd. was suspended from conducting new business with the New York Federal Reserve and the Chicago Mercantile Exchange limited the firm’s customer trading to liquidation only. The Standard & Poor’s GSCI Index of 24 commodities fell as much as 1.6 percent amid concern European leaders will struggle to contain the region’s debt crisis.
“Concern about erosion of demand is weighing on the markets,” Greg Grow, the director of agribusiness at Archer Financial Services Inc. in Chicago, said in a telephone interview. “The uncertainty about European debt and the MF Global situation boosted the dollar and shifted the flow of money away from riskier assets.”
Corn futures for December delivery fell 2.2 percent to $6.405 a bushel at 10:36 a.m. on the Chicago Board of Trade. A close at that price would be the biggest decline since Sept. 30. Before today, the grain rose 11 percent this month on speculation that demand would improve.
Soybean futures for November delivery declined 1.4 percent to $12.0825 a bushel, after touching $12.035, the lowest since Oct. 11.
The U.S. is the largest producer and exporter. Corn is the biggest U.S. crop, valued at $66.7 billion in 2010, followed by soybeans at $38.9 billion, USDA data show.
The dollar advanced against all its major peers after MF Global Holdings Ltd. was suspended from conducting new business with the New York Federal Reserve and the Chicago Mercantile Exchange limited the firm’s customer trading to liquidation only. The Standard & Poor’s GSCI Index of 24 commodities fell as much as 1.6 percent amid concern European leaders will struggle to contain the region’s debt crisis.
“Concern about erosion of demand is weighing on the markets,” Greg Grow, the director of agribusiness at Archer Financial Services Inc. in Chicago, said in a telephone interview. “The uncertainty about European debt and the MF Global situation boosted the dollar and shifted the flow of money away from riskier assets.”
Corn futures for December delivery fell 2.2 percent to $6.405 a bushel at 10:36 a.m. on the Chicago Board of Trade. A close at that price would be the biggest decline since Sept. 30. Before today, the grain rose 11 percent this month on speculation that demand would improve.
Soybean futures for November delivery declined 1.4 percent to $12.0825 a bushel, after touching $12.035, the lowest since Oct. 11.
The U.S. is the largest producer and exporter. Corn is the biggest U.S. crop, valued at $66.7 billion in 2010, followed by soybeans at $38.9 billion, USDA data show.
