Wednesday, June 16, 2010

20100616 1027 Soy Oil & Palm Oil News.

MPOB Data : 
Production : 1,385,424 up 6.06% , Stock : 1,562,323 down 3.71%, Export : 1,362,056 up 5.96%.

Soyoil futures rallied, climbing to 2 1/2 week highs. The market was buoyed by continued concerns about extended wet weather delaying plantings and reducing Canadian canola crop acreage. Canola oil competes with soyoil in world vegoil markets. Spillover support from firm crude oil futures, as the biodiesel aspect of soyoil usages links the market to movement in energy prices, analysts said. July soyoil settled 0.42 cents or 1.1% higher at 37.81 cents per pound. (Source: CME)

Weak exports drag palm oil to 7-month lows
KUALA LUMPUR, June 15 (Reuters) - Malaysian palm oil futures ended at more than 7-month lows  as investors took profit after key export figures came in below expectations and renewed worries over Europe's debt crisis rattled equities.
"The exports data was below expectations as (exports in) the first 10 days (of June) were up sharply," said a trader in Kuala Lumpur.

Biofuel demand means Thailand needs bigger crops-FAO
BANGKOK, June 15 (Reuters) - Thailand could suffer a slump in tapioca exports and may have to import palm oil unless it increases production of the commodities by at least 25 percent within 10 years, the Food and Agriculture Organization (FAO) said on Tuesday.
Thailand is the world's biggest tapioca exporter and ships around 19 million tonnes a year, but that could fall to just 400,000 tonnes in 2022 due to a jump in demand from the local ethanol industry, according to a study by the United Nations agency.

U.S. corn, soybean ratings seen unchanged
CHICAGO, June 14 (Reuters) - The U.S. Agriculture Department's weekly crop ratings report was expected to show 76 percent of corn was in good to excellent condition, unchanged from a week earlier, according to a Reuters poll of seven market analysts.
The soybean crop was seen at 75 percent good to excellent, also unchanged from last week.

Brazilian Farmers Sell 64% Of 2009-10 Soybeans -Celeres(Source: CME)
Brazilian farmers have sold 64% of the 2009-10 soybean crop as of June 11, local agricultural consultancy Celeres said in a weekly report.
Celeres on Monday said Brazil's soybean sales were up from 62% the week before but down from 71% at the same time a year ago.
Brazilian soy sales trail a five-year average of 70% as prices failed to tempt many farmers earlier in the season, Celeres added.
Brazil, which is the world's No. 2 soy producer after the U.S., is expected to produce a record 68.2 million metric tons of soybeans for the 2009-10 crop season, compared with 57 million tons the previous crop year.
Farmers in Mato Grosso, Brazil's No. 1 soy producing state, have sold 82% of their soy as of June 11 compared to 80% the week before and 89% a year ago, Celeres said. Mato Grosso's farmers were the first to start their harvest and took the opportunity to sell earlier than other states.
Parana, the No. 2 soy producing state, sold 48% of its beans as of June 11 compared to 45% the week before and 52% a year ago, Celeres said. Rio Grande do Sul, the No.3 producing state, sold 34% of its soy as of June 11 against 32% the week before and 46% a year ago.
Helped by favorable weather, Brazil recently finished harvesting the 2009-10 soy crop.

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