Friday, July 9, 2010

20100709 1037 Soy Oil Palm Oil Related News.

Soyoil futures ended mixed, with pressure from meal/oil spreading limiting the market's upside potential. December soyoil settled unchanged at 37.69 cents per pound.(Source: CME)

Brazil 2010-11 Soy Output Seen At 71 Million Tons -Abiove(Source: CME)
The Brazilian Vegetable Oils Industry Association, or Abiove, Thursday said that Brazil could produce up to 71 million metric tons of soybeans in the next 2010-11 crop season.
The soy output figure compares to around 68 million tons produced from the 2009-10 crop year.
"We expect an increase of around 3% to 5% in the area of soy planted," said Carlos Lovatelli, president of Abiove. He said states such as Mato Grosso and Bahia should plant "good amounts of soybeans" this year.

Palm rebounds on strong crude, stock worry limits gain
JAKARTA, July 8 (Reuters) - Malaysian crude palm oil rose 1.32 percent by midsession , recovering from losses the previous day on gains in crude oil, but worries over inventories kept a lid on gains.
"The market is higher in unison with firmer crude oil," said a trader with a local brokerage firm in Kuala Lumpur. "But ther is still a lack of bullish fundmantals."

No comments: