BEET PULP
seems that the pulp 2009-10 campaign will be a memorial. ACOR has begun with levels of 118 € / t in the market and soon began Toro with levels of 115 € / Tm. I think they are good prices although a little high to begin with. So far so normal, but consumption still not the other years, with a cattle suffocated financially and with margins (if any) minimum, with no prospect of improvement until the end of the year at least. We believe that it will produce an accumulation of gender as last year, circumstances have changed and a dollar so low that it can export, the outlook is not to increase prices in the short term. SOYBEAN MEAL
complicated picture follows soybean meal, pending the weather in the U.S. that finally allows to collect more than 50% of the crop. At the moment the rains continue and is expected to pick up something the weekend, but begins to fear for the quality. Also watch the weather in Argentina that threatens drought again, and could change the production for next year.
data to consider:
1 - Regarding the condition of crops, October 26, the USDA reported that 65% is in state good / excellent. The progress of the harvest is 44% (30% last week, 82% in 2008 and 85% average).
2 - Soybean exports according to the USDA on 22 October, following a very high pace, with a total of 681,000 metric tons (planned between 400/600.000 Tm). It has committed 65% of projections for the entire campaign (45% average).
is still waiting for the big drop in soybean meal, but honestly, with an expected bumper crop, you can stay in good (or at least that's what they want us to believe) and Chinese exports in full swing it seems that prices will not fall as we thought and that until they secure the South American campaign (April-May 2010) will not have the desired lower prices (and see).
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