Monday, August 9, 2010

20100809 1108 Soy Oil & Palm Oil Related News.

Funds bought an estimated 1,000 soymeal contracts and 3,000 soyoil contracts. Traders next week will review updated supply and demand estimates in USDA crop reports, due Thursday. CBOT December soyoil rose 0.12 cent to 42.12 cents per pound, and December soymeal edged up 50 cents to $295.90 per short ton. (Source:CME)

India Increases Palm Oil Buys As Price Gap To Soyoil Widens(Source:CME)
India, the world's second-largest vegetable oils consumer after China, may purchase more palm oil in the next two months than soyoil, as palm oil's discount has widened, a Mumbai-based trading executive said Friday.
In recent months, India has imported more soyoil after a bumper soybean crop dragged prices lower even as palm production growth remained sluggish. But weather concerns over U.S. and South America soybean crops propelled soyoil prices higher, making it a more expensive commodity compared with the cheaper palm oil.
India is seeking between 550,000 and 600,000 metric tons of palm products, including crude palm oil and refined products, this month as the price gap with rival soyoil from Argentina has widened to $100/ton on a delivered basis from $40-$50/ton in the last two months, Govindlal G. Patel, director at Mumbai-based vegetable oils importer Dipak Enterprise, said by phone.
Importers in India have stepped up purchases as demand is expected to increase during the festive period that begins later this month with Ramadan, the Muslim month of fasting, and ends with the celebration of the Hindu festival Diwali in November.

Palm oil near 5-month high on weather worry, wheat gains
JAKARTA, Aug 6 (Reuters) - Malaysia crude palm oil futures closed up 1.6 percent after trading near a five-month high as gains in wheat sparked renewed concern erratic weather could also affect crops like soybean and palm oil, curbing global supplies.
"Agriculture commodities have been shooting up a lot because of weather concern," said a trader in a foreign commodities brokerage firm.

SMART eyes palm oil expansion in Kalimantan
JAKARTA, Aug 5 (Reuters) - Indonesian palm oil giant PT SMART Tbk , accused by green groups of clearing valuable forest, aims to expand its plantations by 50,000 hectares a year, the company's president director said on Thursday.
SMART last month rejected fresh claims by Greenpeace that the firm was clearing peatland and high conservation value forests, which shelter endangered species and trap vast amounts of climate-warming greenhouse gases.

OIL: Oil hovers below $81; weak dollar supports after poor data
PERTH, Aug 9 (Reuters) - Oil prices hovered just below $81 a barrel on Monday, as a weaker dollar supported prices that had fallen for three straight days last week, in part on poor U.S. economic data.
"The market is pretty directionless at the moment and oil looks pretty well-priced considering the poor jobs data in the U.S., which is underscoring the fragility of their economic recovery," said Ben Westmore, a commodities analyst at the National Australia Bank.

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