Argentina soy crop seen at record 55 mln T
BUENOS AIRES, June 10 (Reuters) - Argentina's 2009/10 soy output will reach a record 55.0 million tonnes due to favorable weather conditions, Buenos Aires Grains Exchange said on Thursday, raising its forecast from 54.8 million tonnes.
Argentina is the No. 3 global exporter of soybeans and the top supplier of soymeal and soyoil, but a drought brought output down to 32 million tonnes last season.
Soyoil futures finished a choppy, two-sided session mostly flat, unable to sustain earlier gains on weakness in soybeans and large domestic stocks, analysts said. July soyoil settled unchanged at 36.75 cents per pound.(Source: CME)
Malaysia May CPO Output 1.39 Mln Tons; Up 6% On Month -MPOB (Source: CME)
Malaysia's May crude palm oil output rose 6% on month to 1.39 million metric tons, the Malaysian Palm Oil Board said Thursday. CPO output totaled 1.31 million tons in April. MPOB said in its monthly report that CPO exports rose 6% to 1.36 million tons in May. The country exported 1.29 million tons in April. Palm oil inventories totaled 1.56 million tons at the end of May, down 3.7% from 1.62 million tons in April.
EDIBLE OIL/OILSEEDS:
Palm unchanged as market waits to trade bullish data
KUALA LUMPUR, June 10 (Reuters) - Malaysian crude palm oil futures barely moved higher on Thursday despite higher crude oil and upbeat export data as market players waited for the afternoon session to trade on just released industry data.
"Everyone is anticipating lower stocks in May and the coming months hoping that it will be support the market in future," said a trader in Kuala Lumpur before the data released.
Indonesia's SMART ups palm planting despite green campaign
JAKARTA, June 9 (Reuters) - Indonesian palm oil producer PT SMART said on Wednesday it expanded its plantations by about four percent in the first quarter of 2010, despite an enviromental campaign against it that led Unilever and Nestle to stop buying its palm oil.
SMART has 134,765 hectares of palm oil plantations in Indonesia's Kalimantan and Sumatra, of which 4,970 hectares were added in the first quarter this year, the company said.
China buyers cancel soy cargoes on poor margins-CNGOIC
BEIJING, June 10 (Reuters) - Buyers in China, the world's largest soy importer, have cancelled and rolled over South American cargoes after many overbooked imports, squeezing crushing margins into the red.
Some traders do not expect many more cancellations, although excessive soy supply could last until August.
Spat with Argentina leads China to U.S. soyoil
CHICAGO, June 9 (Reuters) - A halt in Argentine soybean oil shipments to China amid an ongoing trade dispute prompted the first major sale of U.S. soyoil to China in more than a year this week, but the potential for further U.S. sales remains unclear, traders and analysts said.
Traders welcomed news late on Wednesday that the U.S. Agriculture Department will temporarily issue phytosanitary certificates for sales to China to spur trade.
Malaysia May palm stocks at 8-mth low, prices to rise
KUALA LUMPUR, June 10 (Reuters) - Malaysia's palm oil stocks dropped to an eighth-month low in May as foreign and local demand outpaced a recovery in production, data from an industry regulator showed on Thursday.
The Malaysian Palm Oil Board said stocks in the world's No.2 palm oil producer fell 3.71 percent to 1.56 million tonnes, lower than market expectations for a 0.6 percent drop.
No comments:
Post a Comment