Gay Cruising Montreal

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.