Poultry
xClose

Loading ...
Swine
xClose

Loading ...
Dairy & Ruminant
xClose

Loading ...
Aquaculture
xClose

Loading ...
Feed
xClose

Loading ...
Animal Health
xClose

Loading ...
RSS

 

October 30, 2008

 

China seeks US soy

 
 

China's soy-crushing plants are turning to the US for cheaper imports of oilseed at the expense of domestic supplies because the government's state reserve purchases have marked up local prices. The China National Grain and Oils Information Centre (CNGOIC) recently conducted a survey in the market and found that after the state purchases were made at prices of US$541.30 a tonne, domestic prices were pushed above those of imports.

 

CBGOIC said in a report there are more enquiries on imported soy by crushers, but import volumes are expected to remain flat due to ample supplies following months of strong purchasing of commodities. The majority of soy imports were from crushing mills in the north of the country.

 

Meanwhile, documents were issued on farm reforms that were discussed last week in the conclusion of the Communist Party of China sessions. They focus on supporting the rural sector with some changes in land ownership. The documents issued also note an increased focus on oil-bearing crops to increase its ability to be self-sufficient in edible oils.

 

Cotton, sugar, potatoes and livestock were mentioned as areas of focus for the new efforts, according to reports. There are still some limitations to the transfer of farmland but the new policy's aim is to help bolster output.

 

US soy complex higher on firm petroleum prices, stable dollar and strong export

 

The soy complex closed mostly higher on October 16 amid a stable US dollar, firmer crude oil prices and solid sales figures. The soy balance sheet looks to be sufficiently supplied amid gloomy world demand that may be weakened further by macroeconomic issues. Efforts by OPEC to reduce crude production are supportive of petroleum; grain and oilseed futures in the long run, but downside risk prevail in the near term, as the process may not have fully reached its potential.

 

November bean futures closed up US$9.37, finishing at US$324.99; January gained US$8.73, closing at US$326.46; and March was up US$8.54, ending at US$329.40.

 

December meal increased US$12.90 closing at US$296.52; January was US$11.90 higher, finishing at US$296.19; and March meal closed up US$11.90, ending at US$298.28.

 

December soy oil was US$10.58 lower, finishing at US$723.55; January was down US$10.58, closing at US$734.35; and March lost US$10.14, closing at US$745.15.
 

St Lawrence Seaway strike may affect oilseed and grain exports

 

Employees of the St. Lawrence Seaway could soon be on a strike and succeed in shutting down the international shipping route used by exporters of both the US and Canadian grains and oilseeds. A strike vote last month reportedly provides union workers the authority to strike on 72 hours notice at any time after October 10.

 

Usually open for traffic from late March until late December, export grain and oilseeds from central US and Canadian farms move through the Seaway to markets in Europe, North Africa, the Middle East, the Mediterranean, Russia, Central and South America.

 

According to the St. Lawrence Seaway management Corporation, grain and oilseed tonnage in recent years has averaged about 10 million tonnes (367.5 million bushels) making up about 25 percent of the Seaway's total cargo capacity.

 

India may tax vegetable oil imports

 

India is looking into taxing vegetable oil imports to protect the domestic industry from a slump in prices and lift a ban on exports, said the farm minister today, according to Reuters.

 

Sharad Pawar also said the government would consider discarding an export tax of 8,000 rupees (US$162.3) per tonne on basmati rice next month. Global edible oil prices have fallen and have created problems for producers here. Decisions on imposing duty on imports will be decided.

 

India dropped a 20-percent import tax on crude edible oils in April and reduced the tariff on refined oils to 7.5 percent from 20.75 percent counter rising prices.

 

U.S. & South America Soybean/Products Balance

 

United States 

Argentina

Brazil

Actual

Estimate

Proj.

Actual

Estimate

Proj.

Actual

Estimate

Proj.

2006/07

2007/08

2008/09

2006/07

2007/08

2008/09

2006/07

2007/08

2008/09

Soybeans

thousand tonnes

 Carryin

12,229

15,617

3,811

334

1,876

680

2,252

3,110

3,235

 Production

86,770

70,358

79,848

48,800

46,500

50,500

59,000

61,000

62,500

 Imports

246

272

272

2,336

3,325

3,450

108

150

160

 Crush

49,198

49,396

48,580

35,962

36,400

37,890

31,511

32,400

32,500

 Exports

30,428

31,434

27,216

12,132

13,100

14,100

23,805

25,650

27,500

 Other

4,002

1,606

4,469

1,500

1,521

1,550

2,934

2,975

3,025

 Usage

83,628

82,436

80,265

49,594

51,021

53,540

58,250

61,025

63,025

   Carryout

15,617

3,811

3,666

1,876

680

1,090

3,110

3,235

2,870

Soymeal

thousand tonnes

 Carryin

285

314

272

2,003

1,144

1,610

863

1,563

2,263

 Production

39,058

39,022

38,469

27,856

28,621

29,745

24,420

25,130

25,190

 Domestic use

31,184

30,618

30,844

617

640

696

11,520

12,155

12,550

 Net Exports

7,845

8,446

7,652

28,098

27,515

29,000

12,200

12,275

12,970

 Usage

39,029

39,064

38,496

28,715

28,155

29,696

23,720

24,430

25,520

   Carryout

314

272

245

1,144

1,610

1,659

1,563

2,263

1,933

Soybean oil

thousand tonnes

 Carryin

1,365

1,399

1,195

487

310

331

300

341

336

 Production

9,294

9,498

9,231

6,917

6,958

7,245

6,050

6,220

6,240

 Domestic use

8,420

8,368

8,324

580

995

1,170

3,550

3,895

4,048

 Net exports

840

1,334

1,043

6,514

5,942

6,035

2,459

2,330

2,190

 Usage

9,260

9,702

9,367

7,094

6,937

7,205

6,009

6,225

6,238

   Carryout

1,399

1,195

1,059

310

331

371

341

336

338

 
USDA Export Sales (tmt) - Week of 16 October 2008
Country
Commodity
New Sales
Accum. Exports
 
Country
Commodity
New Sales
Accum. Exports
China
Soybeans
357.90
972.00
 
Japan
Soymeal
7.50
2.20
Colombia
Soybeans
11.10
20.50
 
Korea, Rep.
Soymeal
51.50
0.00
Germany
Soybeans
123.00
298.50
 
Mexico
Soymeal
33.30
109.00
Guatemala
Soybeans
25.90
0.00
 
Nicaragua
Soymeal
11.20
7.70
Indonesia
Soybeans
1.20
116.20
 
Salvador
Soymeal
0.60
0.60
Mexico
Soybeans
25.60
351.10
 
Turkey
Soymeal
15.00
0.00
Taiwan
Soybeans
46.10
117.20
 
Venezuela
Soymeal
54.20
0.00
Thailand
Soybeans
1.50
0.10
 
Vietnam
Soymeal
0.70
0.00
Turkey
Soybeans
8.50
0.00
 
Canada
Soyoil
1.10
1.60
Vietnam
Soybeans
1.00
2.80
 
Mexico
Soyoil
2.00
10.40
Canada
Soymeal
18.10
52.40
 
 
 
 
 
Dom. Rep.
Soymeal
9.00
30.00
 
Export Sales Totals (tmt)
Ecuador
Soymeal
25.00
0.00
 
Commodity
Outstanding Sales
Accum. Exports
New Sales
Guatemala
Soymeal
26.20
17.50
 
Soybeans
10,488.60
2,367.40
784.10
Honduras
Soymeal
1.80
11.60
 
Soymeal
1,894.10
318.30
263.50
Jamaica
Soymeal
6.10
8.30
 
Soyoil
148.00
18.50
3.40
 

Share this article on FacebookShare this article on TwitterPrint this articleForward this article
Previous
My eFeedLink last read