Tuesday, June 22, 2010

20100622 1111 Soy Oil & Palm Oil News.

Soyoil futures bounced, underpinned by bullish demand prospects amid the markets competitiveness in world vegoil markets, analysts said. Spillover support from firm crude oil prices added support. Crude oil influences grain and oilseeds due to their use in making renewable fuels. July soyoil settled 0.13 cent, or 0.3%, higher at 38.05 cents per pound.(Source: CME)

Palm oil rises but ends off one-week high
KUALA LUMPUR, June 21 (Reuters) - Malaysian crude palm oil futures ended a touch higher  on a broader market rally and strong export data but finished well off intraday highs as the ringgit's jump raised fears about refining margins.
"Palm oil should be moving higher because China is going to widen its trading band for the yuan but the ringgit is very strong today, market sentiment is a bit depressed," said a trader in Kuala Lumpur.

India monsoon seen weak over soybean areas
NEW DELHI, June 21 (Reuters) - India's monsoon rains, which have entered the key soybean-growing areas, are likely to be weak in the next three days, weather officials said on Monday.
But industry officials said sowing of soybean, the main summer-planted oilseed, would not be hit due to good soil moisture after recent pre-monsoon showers in the region.

Argentine soy harvest delayed by rains - govt
BUENOS AIRES, June 18 (Reuters) - Rains in several of Argentina's farming regions delayed the country's 2009/10 soy harvest and slowed gathering of the crop in its final stage, the Agriculture Ministry said on Friday in a weekly crop report.
Argentina is the world's top soy oil and meal supplier, and the world's No. 3 exporter of the grain.

Argentina raises corn, soy, wheat forecasts
BUENOS AIRES, June 18 (Reuters) - Argentina's Agriculture Ministry raised  on Friday its forecast for 2009/10 soy output to a record 54 million tonnes, a 0.9 percent increase from the previous estimate, after plentiful rains and favorable weather boosted yields in growing areas.
The government, which had previously forecast soy output at 53.5 million tonnes, said farmers had gathered 98 percent of the estimated record soy crop.

No comments: