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Chinese Demand, South American Weather Fuel Soy Rally

Nutrition Economics Politics +1 more

GLOBAL - News last week that China has bought 6 cargoes of US beans has given new life to soybean prices, lifting them above their 200-day moving average, according to grain analysts at GeoGrain.

In addition, continued wet weather in Argentina has traders expecting flooding and excess moisture during the planting season to take its toll on Argentinas crop. Thursday morning, Brazils government released their latest crop estimates, pegging their soybean crop at 82.6 MMT and the corn crop at 71.9 MMT. Both are higher than USDAs projection for Brazil, which are estimated to be 81 MMT and 70 MMT, respectively.

Last week, analysts at FCStone do Brasil shaved two per cent off their estimate for Brazils 2012/13 soybean crop, pointing to dryness in the southern producing regions as a likely cause of lower yields. Informa also lowered its estimate for Argentinas 2012/13 soybean production to 58.4 MMT, from 59.5 a month ago, citing a reduction in expected plantings. But it raised its projection for Brazils 2012/13 soybean crop to 81.4 MMT, from 81.25 previously.