Wednesday, July 21, 2010

20100721 1008 Soy Oil & Palm Oil Related News.

Sep soyoil climbed 0.44 cent to 38.58 cents per pound.(Source: CME)

Indonesia May Revise August CPO Export Tax To 3% From 4.5% -Traders(Source: CME)
Indonesia is likely to revise its export tax on crude palm oil to 3% in August from the current 4.5%, trade participants said Tuesday.
When contacted, an official at the Ministry of Trade would neither confirm nor deny the change, but said the announcement will be made next week.
Indonesia raised CPO export tax to 4.5% in April.

K.S. Oils Plans To Invest INR8.5 Bln In Indonesia Palm Plantation - Report(Source: CME)
India's K.S. Oils Ltd. (526209.BY) plans to invest INR8.5 billion in the next three years to start palm plantation on more than 35,000 hectares in Indonesia, the BusinessLine newspaper reported Tuesday, without citing a source.
The company will invest INR1.5 billion for planting palm on 7,000 hectares in the fiscal year through March 2011, the report said.
The edible oil manufacturer plans to source its entire requirement of 200,000 tons of crude palm oil from its overseas plantations once they start bearing fruit, the newspaper said, citing K.S. Oils Managing Director Sanjay Agarwal.

Palm inches down on key exports data, soybean losses
JAKARTA, July 20 (Reuters) - Malaysian crude palm oil eased as investors took profits after weak key export figures and as a friendly forecast on crop weather knocked the rival soybean market lower.
"The bull is showing signs of fatigue and may need to step back to catch his breath," a trader at a local-brokerage firm said.

USDA raises US soybean ratings, lowers corn
CHICAGO, July 19 (Reuters) - U.S. corn condition ratings fell slightly during hot weather in the past week but soybean ratings improved, the U.S. Department of Agriculture said in a weekly report on Monday.
The figures surprised analysts who had predicted soybean ratings to dip and corn ratings to hold steady during a steamy week in the U.S. Midwest.

Brazil 09/10 soy sales reach 76 pct crop - Celeres
SAO PAULO, July 19 (Reuters) - Brazilian soybean producers have sold 76 percent of the record 68.5-million-tonne 2009/10 crop by July 16, up from 74 percent the week prior, analysts Celeres said on Monday.
Sales of the new crop were still behind the 80 percent sold of the previous crop last year at this time, Celeres said.

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