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BEET PULP

still the problem of delivering beet factories due to weather. Miranda de Ebro only work this week (23.327Tm beet), or Toro or the Bañeza able to open, leaving beet 100.000Tm pick in the first and the second 175.000Tm. Total Sugar beet Ebro collection is 1,937,696 tons. It is feared that the rest of beet is to be delivered can be damaged by moisture or frost possible.

regard to ports follow the same prices, but we must be vigilant due to the rebound may have grain prices during the month of April and May. Beware of these two months that might create problems of-stocks due to lack of arrival of vessels, as has happened with soybean hulls, beet pulp, soybean meal and rapeseed meal.

SOYBEAN MEAL

We have two very difficult months ahead, USA, with exports still growing and a South American soybean still lagged behind due to weather.

data to consider:

1 - exports to the USA last week, have shipped 739,100 tonnes expected between 150/250.000TM. which has pushed up the price of soybeans. USA has already sold 93% of the harvest of which 89% board.

2 - The area planted in the U.S. to campaign mill.de new rise to 79 acres (32 mill. hectares) by Lewis Hagedorn of JPMorgan Chase & Co. and according to Informa Economics Inc. will be 78.629 mill. hectares (77.919 mill ha. in January report)

3 - Oil World reports that U.S. soybean processors are concerned about the loss of exports of soybean meal for American competitors. Expected soybean crushing in USA from March to August will come to 2.68 mill. MT (22.31 mill for the same period in 2009), but do not rule out lower if demand for flour is also low. With a weaker U.S. domestic demand, soybean crushing can be slowed a lot this month.

4 - The USDA will release the March 31 USA planting estimates for this campaign, which will determine the price of soybeans. Is expected to increase this year.

5 - Brazil's harvest is on March 19 ahead despite the rain. It takes 60% of total estimated harvested.

6 - According to the Ministry of Commerce of China soybean imports continue to rise until 4.56 mill. MT in March (previous forecast 3.3 mill tonnes and in December 4.78 mill tonnes)

7 - Problems loading terminals in Argentina, due to the strikes of workers who discuss pay increases, increased pressure on soybean prices.

8 - Remember that the global surplus of soybeans for the 2009/10 marketing year estimated at 60 mill. Tm (practically the Brazilian crop for this year).

continue to believe that American soybean futures should down, following the marked tendency for months. Nevertheless close position to recommend April and May, as few entries are expected to ship more than likely lack of supply, as has happened these past weeks.

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12/03/2010

BEET PULP

stock issues in the port of Tarragona, have led to the pulp to the 131 € / t, but is expected to enter a boat next week to take another price Once on the 128 € / Tm. In all other ports without incident between 118 € / t and 128 € / t is the price range. Do not expect major changes to the pulp in the coming months.
regard to the national pulp, until the last week of February, the quantity of beet delivered to the North was 2,783,391 t (ACOR TM 907 000 and 1 876 tonnes Ebro), is much beet and Bañeza deliver Toro , slowing down a little end of season. Prices are located on the 115 € / Tm.
The market continues with the same passivity that the previous weeks. We continue to believe that while the grain continues at relatively low prices will not increase consumption of pulp.

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SOYBEAN bearish soybean meal, especially after the latest report from USDA.
data to consider:

1 - Exports to USA this past week, 384,600 tons were shipped between 600/800.000TM expected.
2 - According to the Celera March 5 Brazilian producers had sold 32% of the crop (37% a year ago)
3 - According to the Brazilian Safras forecast for Brazil this year will be 23.2 hectares mill . with an output of 67 mill tonnes to 2.75 Paraguay and 7 mill mill has Tm, Bolivia has 1.05 mill. and 2.1 mill tons., 0.750 mill has been fulfilled and 1.55 mill tonnes and finally have to Argentina 18.8 52.6 mill mill Tm. He highlighted the excellent productivity forecasts for this year.
4 - World Oil continues to point to that the prices of soybean meal yield to the pressure of production in the next three or four months. The production and supply will grow faster than demand, leading to a buildup in inventories and pressure on the price of flour.
5 - The USDA's report of March to cut out the harvest USA 91.42 mil metric tons (91.47 metric tons mill above), soybean ending stocks fell to 5.17 mill tonnes (5.71 mill. Tm above), for Brazil 67 miles Tm (Tm 66mill above), 53 unchanged in Argentina and worldwide Tm mill mill Tm 255.91 (255.02 Tm mill above) with a stock mill late Tm 59.73 (60.67 mill above Tm).
6 - We must also take into account that Brazil is moving normally, that U.S. soybean exports are decreasing each week and is expected to increase next crop planting.
7 - On the other hand consider that the funds are sold, the soybean oil price continues to rise is whether the rains delayed the harvest in Argentina or even if you have disease problems. We

following the downward trend for soybean meal and only a very unfavorable news could change this picture.

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BEET PULP

general sentiment uncertainty, not knowing where to go. But considering that the pig sector looks set to recover and we hope that the beef and milk will continue, we believe that consumption will improve for the second quarter. A lot remains accumulated stock of domestic pulp, but do not forget that the factories have closed or are missing bit to close. In addition, ports have changed the trend and have begun to raise prices to future (along with the rise of the dollar), which can be defined as an advance shift in domestic prices in the near future. We only have cereals with relatively low prices that make the barrier to a more rapid rise. In the ports
prices are between 123 and 130 € / t, and the 112 national pulp € / t and 117 € / t depending on origin. SOYBEAN MEAL



March continues the downward trend started and so far this year continues. The problem is how will the adjustment be between 290 € / tonne now to 240 € / tonne in April-May and when.
data to consider:

1 - Exports to USA this past week, 384,600 tons were shipped between 600/800.000TM expected.
2 - Oil World soybean production up to 52 Mill.TM Argentina and Brazil Mill.TM 65.5 (57.5 2009). There are also fears about plant diseases and damage crops that may occur due to wet weather.
3 - With the increase in supply from South America, it is expected a strong increase in the grinding of soybean from Brazil and Argentina, would come to 5.5 million tons (between March and August 2010) since last year. That with increasing milling in China, probably will increase the global volume processed, which would be approximately 109 million tons in March / August 2010 (99.9 Mill.Tm.mismo period last year).
4 - Oil World also points to an oversupply of soy flour with a potential downward effect on prices, especially from March onwards, which will drag rapeseed meal, fish and other oilseed meal for the second half.
5 - According to the Brazilian Celeres sales of the current crop are developing more slowly than last year. The producers have sold 31% of the new crop to February 26 (36% last year).
6 - In Brazil it has collected 27% of production to February 26 (9% more than last year at this time).
7 - Mutual funds 23 February, were net buyers of soybeans in Chicago.
8 - An important factor is the recovery of the dollar since December, which may alter the composition of the prices of soybean meal. It is estimated to reach a Euro / Dollar from 1.30 or so.

seems that the trend in the price of soybean meal is down (as opposed to the $) and that we understand that time will continue in March.