The soy complex was up in U.S. market on reports of China buying U.S. soybean oil. Due to the ongoing problem with Argentine soybean oil which China has banned since April 1 and congestion at Brazil port, China is now buying oil from U.S.
The july soybeans contract was up by 1.20% on friday ending the week at $ 9.4625 per bushel. Soymeal july futures was up by 2.62% or $ 7.4 and settled at $ 289.7 per short ton while soybean oil july contract moved up by 0.41% ending the week at 36.75 cents / pounds.
As per the usda report, U.S. soybean production for 2010-11 is projected at 90 million tonnes and exports at 36.74 million tonnes. Brazilian soybean forecast as per usda reports for 2010-11 stands at 65 million tonnes whereas Brazil government's production forecast stands at 68.7 mmt
The soybean complex was down on friday in Chinese market. The september soybeans contracts was down by 15 yuan to close at 3690 yuan per ton (US$ 540) , sep meal futures dropped by 13 yuan closing at 2704 yuan (US$ 396) while sep soy oil dropped by 24 yuan to close at 7266 yuan (US$ 1063) per ton.
As per the reports, Qingdao Port, the biggest port in Shandong province of China, is congested by ships arriving to unload soybeans with as many as nine more ships, each carrying about 60,000 metric tons of soybeans, are scheduled to unload this month in addition to the two or three that have already been processed. It seems the Chinese market is facing the situation of oversupply.
Indian soybean july futures ended the week up by around 1% against its previous close and was trading at approx. US$ 408 per ton. The refined soybean oil july contract was trading at around US$ 942 per ton.
Indian soybean meal was getting offered at US$ 346-350 pmt fob. Argentina soybean was indicatively at US$ 365-370 per ton fob. Soya degum (crude) oil was getting quoted at US$ 804 per ton cif Mumbai, Inida.
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