CBOT soy futures rally, extending recent gains on strong exports and worries about Brazil's crop. The USDA announced a huge export sale to China, which although already known given a Thursday signing ceremony, nonetheless added to optimism that the U.S. would continue to see increased business as South America production falters in hot, dry weather. The crop in Brazil is a particular concern. Traders say recent gains in soybeans versus corn could result in more soy acres than expected this spring. CBOT March soybeans end up 9 1/4c to $12.67 1/2 a bushel, up 3.1% for the week. CBOT March Soybean Oil up 0.35c to 53.40 cents/lb, while March soybean meal ends up $1.70 to $332.50 per short.
Soybeans for May-delivery rose 0.9 percent to $12.765 a bushel. The most-active contract is set for a 3.9 percent gain this week, the biggest since the five days ended Oct. 14.
Argentina’s soybean harvest may reach 43.5 million tons to 45 million tons, the Agriculture Ministry said yesterday. That compares with a 48 million-ton forecast by the U.S. Department of Agriculture on Feb. 9.
“Recent developments in the soybean market have so far buttressed” the bullish view on the oilseed in 2012
Private exporters reported to USDA export sales of 116,000 metric tons (MT) of soybeans to China during the 2011-12 marketing year. The marketing year for soybeans began Sept. 1.
USDA issues both daily and weekly export sales reports to the public. Exporters are required to report to USDA any export sales activity of 100,000 metric tons or more of one commodity, except 20,000 tons for soybean oil, made in one day to one destination, by 3 p.m. Eastern time on the next business day following the sale. Export sales of less than these quantities must be reported to USDA on a weekly basis.
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» Soybean Futures Prices Rally, May 2012 Delivery Rose per Bushel
Soybean Futures Prices Rally, May 2012 Delivery Rose per Bushel
Written By mine on Senin, 20 Februari 2012 | 12.46
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