Soybean production for 2010-2011 is forecast at 3.408 billion bushels, down 75 million based on both lower harvested area and yield. Soybean ending stocks are projected at 265 million bushels, down 85 million from last month, as per last wasde report. U.S. soybean exports are increased 35 million bushels to 1.520 billion reflecting strong export sales and reduced export prospects for Argentina resulting from lower beginning stocks. All this factors led to the bull run which is yet to show the correction.
Soybean Meal International Prices
U.S. - 48% - US$ 399-404 per ton fob
U.S. - 44% - US$ 388-393 per ton fob
India US$ 418-422 per ton fob/fas
Robust oil meal demand from local traders as well as exporters supported the rise in the prices. The delay in harvesting due to rains in producing regions and international factors pushed the beans prices up in Indian market. U.S. December soybean meal futures closed at US$ 330.90 per short ton up by $ 2.70 from last week's closing of $ 328.20.
Brazil Soybean Meal International Prices US$ 390-400 per ton fob
CONAB estimated Brazil?s 2010/11 soybean crop was estimated between 67.6 million and 68.9 million tonnes, the government?s crop supply agency Conab said last week, against the record 68.7 million tonnes harvested last season. CONAB said planted area for soybeans would grow by between 1.3 and 3.1 percent this year to 23.8 million to 24.2 million hectares (58.7 to 59.8 million.
Brazil?s soybean exports forecast for 2010-11 as per usda are up 1.0 million to a record 31.4 million on a larger crop and strong foreign demand.
China
China?s imports of soybean oil have dropped in 2009/10 as trade disputes with Argentina. In an effort to offset that shortfall of the most commonly consumed oil, processors have increased their imports of soybeans and accelerated crushing activities to boost oil production, and have also purchased large volumes of soy oil from the United States. This Chinese demand along with last wasde report are the main factors for bean's bull run.
While expanding soybean crush helps to partially moderate the oil import shortfall, it also can lead to strengthening exports of soybean meal. China is expected to export 1.2 million tonnes of meal in 2010-11.s
As per one news, China restarted cooking oil imports from Argentina earlier this month and have bought at least 70000 tons of Argentine soybean oil.
Argentina US$ 385-387 per ton fob
Soybean crop is being planted at a quicker pace than a year earlier as farmers take advantage of rains in September and October to sow before the Southern Hemisphere summer begins.
Argentina?s soybean exports are cut 1.5 million tons to 12.0 million in response to intense competition from other exporting countries, as per last usda oilseeds report.
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» International Soybean Prices and Production Commodity
International Soybean Prices and Production Commodity
Written By mine on Minggu, 31 Oktober 2010 | 12.20
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