International Soybean Market Newsletter

Introduction: 1 On Monday, CBOT related agricultural products and palm oil futures in the United States closed: soybean March contract (2005) closed at 654'0 cents, up and down: - 2'6 cents / bushel soybean oil March contract (2005) closed at 23.95 cents, up and down: - 0.01 cents / pound soybean meal March contract (2005) closed at 192 US dollars, Gains and losses: - US $4 / short ton wheat March contract (2005) closing: 348'0 cents, gains and losses: - 3'4 cents / bushel corn March contract (2005) closing: 214'4 cents, gains and losses: - 3'0 cents / bushel palm oil March contract (2005) closing: 1436 ringgit, Up and down: 1 "ringgit / ton 2 According to the latest report released by the U.S Department of agriculture, the soybean output of Paraguay in 2004 / 05 is expected to be 4.5 million tons, 500000 tons lower than the forecast of last month, but 13% higher than the actual output of last year The soybean harvest area in 2004 / 05 is expected to be 2 million ha, an increase of 14% year-on-year, but remains unchanged from the forecast data of last month Soybean yield per unit area is expected to be 2.25 tons / ha, lower than the five-year average of 2.53 tons 3 The Brazilian soybean industry is considering suing the US soybean subsidies after the World Trade Organization (WTO) announced that the US and EU subsidies to cotton and sugar are illegal Brazilian government agencies responsible for foreign relations and diplomacy have begun to analyze cases, a ministry spokesman said Sergio Mendes, President of the Brazilian grain exporters Council (anec), said: "there is no doubt that subsidies in the United States have resulted in overproduction, which has led to a drop in world soybean prices It's easy to prove " 4 Emater, a crop supplier in Rio Grande, Brazil's No 3 soybean producing state, said Friday that the drought will reduce soybean production in the state to 3.2 million tons, a 61% decrease from the original expected 8.3 million tons "This data indicates an average yield of 782 kg / ha (2.471 acres), which is much lower than the original expectation of 2007 kg / ha," emater said in its weekly report This is the second lowest soybean production in the state in 32 years, still much higher than the 2.2 million tons produced in 1991 5 Miguel rosseto, Minister of agricultural development, said Friday that the Brazilian government will provide 1.1 billion reais (104 million US dollars) to soybean, corn and other crop farmers in the drought hit southern states 6 Over the weekend (March 12), senior industry officials said that the import volume of edible oil in India's oil market in 2004 / 05 may rise to 5 million tons, compared with 4.4 million tons in 2003 / 04 The chairman of the central organization for oil industry and trade (cooit) said that "in the early stage, it was expected that the import of edible oil in 2004 / 05 would reach 4.7 million tons But mustard seed production is currently expected to be lower than last month's estimate " The annual oil market in India is from November to October 7 The following is the U.S No.1 soybean export quotation (unit: US cents / bushel) delivered within 30 days at the U.S port on March 14: Port quotation and yesterday's change Louisiana bay port 691.00-692.00 fell 4.50 port of Toledo in the Great Lakes region 645.00-636.00 fell 7.50 port of Chicago in the Great Lakes region 641.00-652.00 fell 6.50 Port Norfolk, on the Atlantic coast, fell 7.008 The agriculture minister of Paraguay, the world's fourth largest soybean producer, said on Monday that due to the drought, the country's soybean production forecast for 2004 / 05 was reduced from 5.5 million tons to 3.5 million tons 9 SOMAR, Brazil's nongovernmental meteorological agency, said on Monday that after the first heavy rain in recent weeks on Sunday, the dry South Rio Grande is expected to become dry this week The state is the third largest soybean producing state in Brazil In the northwest soybean producing area of the state, the rainfall is 44 mm In the north, the rainfall on Sunday is 20 mm SOMAR predicted only Monday's rainfall, The weather is dry for the rest of the week 10 Argentina's spot soybean prices fell on Monday, following the weakness of CBOT soybean futures The spot price rose to a six-month high on Friday In Rosario, the main soybean export port, soybean prices fell by 3.0 to 5.0 pesos, closing at 510 / 512 pesos per ton (175 / 176 US dollars) Volume fell to 25000 tons, half of last Friday, The period price rose to its highest since September 6, 2004