Soy product futures ended higher, bouncing in step with advances in soybeans. Lingering concerns about the yield potential of the U.S. soy crop provided strength for soyoil and soymeal, analysts said. December soyoil settled 0.36 cent, or 0.9%, higher at 40.08 cents per pound. December soymeal ended $6.30, or 2.2%, higher at $298.30 per short ton. (Source: CME)
India 2010-11 Soybean Output Likely Up On Better Rains, Yield (Source: CME)
Soybean production in India is likely to rise in the next crop year, driven by better yields due to good rains in major growing regions, industry executives said Thursday. The country is estimated to have produced about 8.5 million metric tons in the crop year ending Sept. 30, according to data from the Central Organisation for Oil Industry and Trade. The overall production in 2010-11 will be better than the current year, but it is too early to give any figure, said Govindbhai Patel, managing partner of Dipak Enterprises and an expert on vegetable oil industry. The soybean production in 2009-10 fell about 5% as India suffered its worst drought in almost four decades, with monsoon rains 22% below average. But the monsoon rains are near normal this year so far, boosting the prospects of crop growth. The crop condition is quite good in major soybean growing regions as the rains are coming in regular intervals, said S.K. Srivastava, director of National Research Centre for Soybean.
The sowing of soybean--the main oilseed grown in the summer season--in India starts in June and continues through July. Total area under summer-sown oilseeds has increased 5.4% to 16.14 million hectares until Aug. 20, according to the latest government data. Total yield is likely to improve from the this year's level of 1.1 tons per hectare, Srivastava said. Despite expectation of higher production and large stocks India's edible imports in 2010-11 may remain mostly steady compared with the current year, industry executives said. India--which imports nearly half of its edible oil needs--is likely to import 8.2 million-8.4 million tons in the marketing year ending Oct. 31, said Pradip Desai, managing director of Mumbai-based importer Palmtrade Services Pvt. Ltd. It's difficult to see edible oil imports going above 8.5 million or 8.6 million tons in 2010-11, he added. India is the world's second-largest edible oil importer.
It imports palm oil mostly from Indonesia and Malaysia, and soyoil from Argentina and Brazil.
Indonesia sets Sept CPO export tax at 6 pct, cocoa steady
JAKARTA, Aug 26 (Reuters) - Indonesia will set its crude palm oil (CPO) export tax at 6 percent in September, up from 3 percent in August, the trade ministry said on Thursday, confirming an earlier Reuters story. It also raised the CPO base export price to $804 per tonne, from $725 per tonne in August. The trade ministry kept its export tax for cocoa beans at 10 percent in September, unchanged from August. But the cocoa base export price which is used to calculate the tax will be cut to $2,673 a tonne in September from $2,738 a tonne in August.
Palm oil rebounds from low on technicals, oils
KUALA LUMPUR, Aug 26 (Reuters) - Malaysian crude palm oil futures rebounded from one-month lows hit the previous day due to technical buying and firmer oils markets. "The market is up on technical retracement and a correction after a fall earlier. It also followed external soy, soyoil and crude oil markets that edged higher (in the afternoon session)," said a trader with a foreign brokerage in Kuala Lumpur.
Port closure seen hurting India Aug soymeal exports
MUMBAI, Aug 26 (Reuters) - India's soymeal exports in August are likely to fall short by about 50,000 tonnes compared to July, despite higher crushing as a closure of a key port in western India cut shipments, two oil millers and one port official said. Operations at Mumbai port were affected for nearly a fortnight in August after two Panamanian ships collided just off Mumbai's coast on Aug. 7.
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