SGS CPO Export up 15% to 1,080,597 tonnes for the period of 1~25 Sep 2010.
ITS CPO Export up 17% to 1,162,573 tonnes for the period of 1~25 Sep 2010.
U.S. soy product futures closed sharply higher with soybeans on technical buying and robust demand. U.S. soy export sales, particularly to China, have been strong lately and continue to support gains, traders say. Dryness at planting time in Brazil, the world's no. 2 soy producer after the U.S., added support. Weakness in the greenback helped fuel rallies across the grains and soy complex. The soft greenback makes U.S. soy look even more attractive to foreign buyers and brought speculative money into the markets, an analyst says. Commodity funds bought an estimated 2,000 soymeal contracts and 3,000 soyoil contracts at CBOT. CBOT Dec soymeal closed up $7.50, or 2.4%, at $317 per short ton. CBOT Dec soyoil climbed 0.99 cent, or 2.3%, to 44.89 cents per pound.(Source: CME)
Global Soybean Prices Likely To Rise By Dec-Jan - Expert (Source:CME)
Global soybean prices are likely to rise to $11.50 to $12 per bushel by December-January because of supply disruptions in South America and rising demand in China, said global vegetable oil expert Dorab Mistry. "For some time, soybean prices may remain at double digits. Current prices are also not hurting the demand," Mistry said. There is plenty of focus on South America's crop prospects because of questionable soil moisture for early seedings in Mato Grosso--Brazil's top soy-producing state. Brazil is the world's second-largest soy producer after United States. According to Cropcast Weather Services, the soybean crop outlook may not be favorable because of dry weather seen in these areas of Brazil over the past few months. "If Brazil doesn't get rains in December, soybean crop may be hurt," Mistry said.
Higher imports by China, the largest importer of soybean, is going to support global prices, he said, adding that a widening price gap between sunflower oil and soyoil is also boosting soybean prices. The price difference between sunflower oil and soyoil is $150 per ton. Mistry reiterated his earlier 2010 palm oil production estimate for Malaysia of 17.2 million tons, but said the number may be revised in October. The Southeast Asian country produced 17.6 million tons last year.
Overseas demand hopes boost palm; export data eyed
KUALA LUMPUR, Sept 24 (Reuters) - Global vegetable oil futures rose as traders took positions hoping for a revival in overseas demand ahead of a key industry conference.
"Trade volume picked up in the afternoon trading session of palm oil, it could be related to the international oil conference in Mumbai," said a trader in Kuala Lumpur.
Indonesia ups Oct CPO export tax, cuts cocoa tax
JAKARTA, Sept 24 (Reuters) - Indonesia will set its crude palm oil (CPO) export tax at 7.5 percent in October, up from 6 percent in September, the trade ministry said on Friday.
Higher export tax would mean Indonesia's palm oil products will be more expensive than rival Malaysia, potentially slowing exports in October from the world's top palm oil producer.
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