Thursday, June 10, 2010

20100610 1109 Soy Oil & Palm Oil News.

Soyoil futures eked out modest gains, buoyed by fresh export sales to China, spillover strength from crude oil and optimistic outlooks for future demand amid soyoil's competitiveness with palm oil in international markets, analysts said. However, advances were limited by ample U.S. soyoil inventories. July soyoil settled 0.08 cent, or 0.2%, higher at 36.75 cents per pound.(Source: CME)  

Palm oil off 5-mth lows on strong China trade data
KUALA LUMPUR, June 9 (Reuters) - Malaysian crude palm oil futures ended off five-month lows on Wednesday after leaked China trade data showing exports surged last month suggested Asia's economic growth was on the path to recovery.   

China may cut soybean buying in June - Oil World
HAMBURG, June 8 (Reuters) - China may cut soybean purchasing in coming weeks because of growing stocks, a factor which could help weaken global soybean prices, Hamburg-based oilseeds analysts Oil World said on Tuesday. 
"There is a high probability that China will become a very reserved buyer of soybeans in the next few weeks;" it said. "There could even be increasing cancellations."   

China may buy Argentine soyoil soon - Oil World
HAMBURG, June 8 (Reuters) - China's huge need for edible oils may compel it to resume soyoil imports from Argentina as early as July, but Argentine soyoil exports are booming despite China's import stop, Hamburg-based oilseeds analysts Oil World said on Tuesday.
"We expect that China will resume large-scale purchases of (Argentine) soyoil and step up imports in the July/Sept 2010 quarter," Oil World said.   

Brazil soy harvest edges up to record 68.7 mln T
SAO PAULO, June 8 (Reuters) - Brazil's 2009/10 soy crop forecast rose to a record 68.71 million tonnes from the 67.86 million tonnes projected in May, crop supply agency Conab said Tuesday.
Brazil harvested 57.17 million tonnes of soybeans in the 2008/09 (Sept-Oct) crop.   

Poor weather to curb rapeseed crop in west Europe
PARIS, June 8 (Reuters) - This summer's rapeseed harvest in western Europe is set to bring lower yields after unfavourable conditions at several growth stages, curbing output after bumper crops last year in top producers Germany and France.
The region was still on course for a large crop, while yield results were hard to call ahead of the critical pod-filling phase, analysts and traders said.     

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