US soybean futures fell Thursday, fueled by larger-than-expected supply estimates from government forecasters. CBOT March soy ended down 20 1/2c at $11.82 1/2/bushel. March soy oil ended down 0.43 cents at 51.46c/lb and is currently trading lower at 51.32, down 0.14 over the last close. The BMD CPO futures March contract is currently trading lower at MYR 3160 down by MYR 42 per tonne.
As per the latest WASDE, Global oilseed production for 2011/12 is projected at 457.4 million tons, down 0.3 million with lower soybean production more than offsetting higher projections for sunflower seed and rapeseed. Global soybean production is projected at 257 million tons, down 2.2 million mostly due to lower production forecasts for South America. The Argentina soybean crop is projected at 50.5 million tons, down 1.5 million due to lower projected area and yields.
Excessive heat and dry conditions since December throughout much of the principal growing area is expected to limit soybean plantings and reduce yields from earlier expectations. The Brazil soybean crop is reduced 1 million tons to 74 million reflecting hot, dry conditions in recent weeks, especially in the second largest producing state of Parana where planting was more than half completed by late October. Favorable growing conditions in the main center-west region are expected to partly offset crop losses in the south.
Domestic grains complex plunged on the reports of bearish USDA reports. The Maize futures for the February delivery is currently trading lower at Rs 1272.50, up Rs 29.50 or 2.27% over the lat close. The January wheat January contract is currently trading lower at Rs 1253, down Rs 14 or 1.10%over the last close. The January contract is currently trading lower at Rs 1275, down Rs 8.80 or 0.69% over the last close.
US corn futures tumbled Thursday after the USDA issues much larger-than-expected supply estimates. CBOT March corn ended down 40c, or 6.1%, to $6.11 1/2. Friday's trading limit will be expanded to 60 cents. US wheat futures stumbled on spillover pressure from corn as the grains complex succumbed to larger-than-expected USDA supply estimates. CBOT March wheat ended down 36c at $6.05 a bushel.
World corn ending stocks are raised 1.0 million tons as lower stocks in Argentina are more than offset by higher stocks in Ukraine and China. At 128.1 million tons, global stocks are nearly unchanged from 2010/11.The 2011/12 season-average farm price for corn is lowered 20 cents per bushel on each end of the range to $5.70 to $6.70 per bushel.
Global wheat supplies for 2011/12 are projected 2.7 million tons higher with production raised for Kazakhstan, Brazil, and Russia. Global consumption is raised with a 1.0-million-ton increase in expected domestic disappearance in Kazakhstan where record supplies will be difficult to store and maintain. Global ending stocks for 2011/12 are projected 1.5 million tons higher at 210.0 million.
Global coarse grain supplies for 2011/12 are nearly unchanged this month as higher corn production in the United States, Ukraine, EU-27, and Russia is mostly offset by lower expected corn production in Argentina and the lower sorghum production estimate for the United States. Global barley and oats production are also raised, mostly reflecting higher crop estimates from Russia.
World corn ending stocks are raised 1.0 million tons as lower stocks in Argentina are more than offset by higher stocks in Ukraine and China. At 128.1 million tons, global stocks are nearly unchanged from 2010/11.The 2011/12 season-average farm price for corn is lowered 20 cents per bushel on each end of the range to $5.70 to $6.70 per bushel.
Global wheat supplies for 2011/12 are projected 2.7 million tons higher with production raised for Kazakhstan, Brazil, and Russia. Global consumption is raised with a 1.0-million-ton increase in expected domestic disappearance in Kazakhstan where record supplies will be difficult to store and maintain. Global ending stocks for 2011/12 are projected 1.5 million tons higher at 210.0 million.
Global coarse grain supplies for 2011/12 are nearly unchanged this month as higher corn production in the United States, Ukraine, EU-27, and Russia is mostly offset by lower expected corn production in Argentina and the lower sorghum production estimate for the United States. Global barley and oats production are also raised, mostly reflecting higher crop estimates from Russia.
Copper initiated the Friday session on a weak note but has managed to overcome all the losses. The prices of LME three month forwards are being traded at $ 8020 per ton as we report. A base has been formed in Copper prices as of now due to easing tensions and discounted negative news. Support from declining Dollar is also adding to the gains. Dollar quoted at 1.2858 against the EURO, down 50 pips.
Shanghai Copper most traded March contract was at 58160 yuan per ton, up 1110 yuan. In Indian markets, trend was negative because of the fact that Rupee was in a positive trajectory against the greenback. Rupee now trades at 51.38 per Dollar, up 30 pips. MCX Copper Feb is trading at Rs 414.9 per kg, down Rs 2 or 0.46%.
Gold updates futures were unable to sustain above $1650 after having rocking gains yesterday. The fall was extended to palladium, silver and copper also. However crude oil futures were trading higher on NYMEX.
Few domestic commodities were under immense pressure on MCX due to appreciation in the Indian Rupee. The Indian rupee commenced higher following an improvement in sentiments overnight that pressurized the US dollar against most majors.
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