USDA PROJECTS LOWER SOYA AREA UNDER COVERAGE
Date: 31/3/2012
As per the latest projections by USDA, the Planted acreage of Soybean in U. S came in at just 73.9 million acres, which was well below trade expectations for 75.4 million. Iowa plantings were down 550,000 from last year and plantings were down 200,000 from last year in Indiana, Minnesota and Nebraska. www.goldennifty.com The USDA pegged March 1st stocks at 1.372 billion bushels compared with trade expectations at 1.39 billion. With the surge in expected demand for US soybeans due to crop losses in South America, traders believed that planted area needs to increase to 76 or 77 million. The USDA also confirmed a sale of 120,000 tonnes of US soybeans to unknown destination. www.goldennifty.com
The China National Grains and Oils Information Center believes China imports for the marketing year ending in September will reach 57 million tonnes, up 8.9% from the previous year. With a smaller South America crop, US demand looks to improve. The USDA sees China import demand at 55 million tonnes. Two million tonnes is equal to near 73.4 million bushels. Some traders see China soybean production below 13 million tonnes this coming season as compared with 13.5 million last year as some acres are shifting to corn.
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The CBOT May Soybeans finished up 47 1/2 at 1403, 13 off the high and 49 1/2 up from the low. July Soybeans closed up 47 at 1408 1/4. This was 48 1/4 up from the low and 13 3/4 off the high. May Soymeal closed up 13.7 at 388.7. This was 13.6 up from the low and 5.6 off the high. May Soybean Oil finished up 1.51 at 55.1, 0.25 off the high and 1.41 up from the low. May soybeans closed 47 1/2 higher on the session and up 37 1/4 for the week. The rally pushed the market to the highest level since September 14th. The much lower than expected acreage helped spark aggressive buying in new crop soybeans to drive November soybeans as much as 65 1/4 cents higher in early trade. November soybeans closed 53 1/4 cents higher. www.goldennifty.com
The NCDEX Soybean rebounded from the last session's heavy losses on strong buying support with April contract is currently trading higher at Rs 3046, up 1.70% or Rs 51.50 per quintal. www.goldennifty.com
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