Thursday, July 29, 2010

20100729 1209 Soy Oil & Palm Oil Related News.

Soyoil ended higher, following the lead of soybeans, but advances were limited by meal/oil spreading and weakness from crude oil futures. Crude-oil influences soyoil due to its use in making renewable fuels. December soyoil settled 0.28 cents or 0.7% higher at 39.57 cents per pound.(Source:CME)

China Ministry: July Soybean Imports Likely 5.6 Million Tons(Source: CME)
China's soybean imports in July are likely to reach 5.6 million metric tons, the Ministry of Commerce said Wednesday.
The new estimate is 3.6% lower than a commerce ministry estimate earlier this month.
However, it would still be the second-highest monthly import volume so far this year, after last month's record 6.2 million ton intake.
If realized, it would be a 27% increase from the same period last year, based on customs data.
The estimate, published on the ministry's website, is based on reports from importers during the June 16-June 30 period, and the regular forecast is usually lower than the actual import figure, as it doesn't include all cargoes.
The ministry issues the estimates twice a month.

India Soyoil Imports May Slow Down In Next 4 Months - Executive(Source:CME)
India's soyoil imports, after rising sharply in the past few months, are likely to slow in the next four months due to a rise in the premium over palm oil and higher supplies of local crops, a senior industry executive said Wednesday.
"We expect 300,000-500,000 tons of soyoil may come in July-October period," said Srinivaas Sirigeri, managing director of Shakti Enterprises, a Mumbai-based importer.
India's soyoil imports in the first eight months of the marketing year that began Nov. 1 jumped nearly 40% from a year earlier to 914,676 tons, according to data from the Solvent Extractors' Association.
The premium of soyoil over palm oil has risen to $90 per ton from about $40/ton about two months ago, Sirigeri said.
"If the soyoil prices stay at these levels, then imports will gradually decrease," he added.
Indian companies increased their soyoil imports over the past few months after a decline in the premium over palm oil. Soyoil normally commands a premium over palm oil due to its better quality.
The South Asian nation is the world's second-largest edible oil consumer after China and meets more than half of its annual requirement through imports. It imports palm oil mainly from Indonesia and Malaysia and soyoil mostly from Brazil and Argentina.
The country may import a total of 1.3 million to 1.5 million tons of soyoil in 2009-10, Sirigeri said. India imported 989,613 tons of soyoil in 2008-09.
Soybean arrivals in the local market have also increased as farmers are offloading more stocks to raise money required for the new crop sowing, he added.
Soybean sowing in India starts in June and continues through July.

Palm oil steady on output concern, FX weigh
JAKARTA, July 28 (Reuters) - Malaysian crude palm oil was little changed as concerns that rains would slow palm oil output providing support countered expectations of a stronger ringgit and ample supply of other oilseeds weighing on the market.
"The bullish factors are market concern about palm oil output and good demand, at least for the Ramadan offtake," said a trader with a domestic commodities brokerage.

US soymeal demand to slip again in 2010-Oil World
AMSTERDAM July 27 (Reuters) - Soymeal consumption in the United States is set to decline for a third year in the 2009/10 season, while demand is rising in Brazil and Russia, oilseeds analysts Oil World said on Tuesday.
U.S. consumption of soymeal is expected to amount to about 27.6 million tonnes in October/September 2009/10, down from 27.9 million tonnes in the previous season, the Hamburg-based oilseeds analysts said.

Canola oil would qualify for biodiesel mandate-EPA
WINNIPEG, Manitoba, July 27 (Reuters) - Biodiesel made from canola oil would emit 50 percent less greenhouse gas than petroleum diesel fuel, which would make it eligible for the U.S. mandate to increase renewable fuel production, according to the U.S. Environmental Protection Agency (EPA).
EPA data that compares greenhouse gas emissions between biodiesel and conventional diesel, released on Monday, shows canola oil would meet a key eligibility requirement for the U.S. Renewable Fuel Standard program.

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