Tuesday, October 12, 2010

20101012 1002 Soy Oil & Palm Oil Related News.

China to resume soyoil imports from Argentina -traders
BEIJING, Oct 12 (Reuters) - China will resume soyoil imports from Argentina, the world's largest supplier, after a six-month de facto ban, traders told Reuters on Tuesday.
The lifting of the ban was seen by traders as a political gesture and large imports may not come in immediately because of unattractive prices and less supplies available from the South American supplier.

Soy product futures ended mixed, with soymeal climbing versus soyoil on spreads. Soymeal was buoyed by the need to price meal higher with corn, as tighter feed supplies as a result of reduced U.S. inventories make other feed grains like soymeal increase in value, analysts said. Soyoil futures were pressured by profit taking pressure after prices soared to 2-year highs on strong demand outlooks, analysts said. December soyoil settled 0.27 cents or 0.6% lower at 46.35 cents per pound. December soymeal ended $10.90 or 3.4% higher at $327.10 per short ton. (Source: CME)

Brazil Farmers Plant 3% Of Soy Area As Of October 8 - Celeres (Source: CME)
Brazil's farmers have planted only 3% of the expected total soy area as of Oct. 8 due to a lack of rain in many regions, local agricultural consultancy Celeres said. The area planted with soybeans in Brazil -- the world's No.2 soy producer after the U.S. -- compared to 7% at the same time last year and 1% the week before, Celeres said in a weekly report. Although farmers in Mato Grosso are typically the first to begin planting in Brazil, they have been forced this season to postpone seeding in many regions due the La Nina weather phenomena which caused drier than usual weather.
Farmers in Mato Grosso -- the country's No.1 soy growing state -- have therefore planted only 3% of their soy area compared to 12% a year ago, Celeres said. Farmers in Parana, Brazil's No. 2 soy producing state, have seen more favourable rainfall. Farmers had planted 9% of the Parana soy area as of Oct.8 versus 10% a year ago, Celeres said. Celeres said that Brazil's soybean sales remained slow as of Oct. 8 with only 20% of the new 2010-11 crop sold compared to 19% the week before.

U.S. corn jumps by daily limit to hit 2-year high
SINGAPORE, Oct 11 (Reuters) - Chicago corn jumped 8.5 percent to its highest in more than two years, marking its sharpest gain since 1973, after the U.S. government forecast supplies in the world's top exporter to shrink to their lowest in 14 years.
"Any period of time where you get two consecutive limit-up days, it's likely to spur a little bit of panic buying as some people try to get in before they perceive it being a little too late," said Luke Matthews, commodity strategist at Commonwealth Bank of Australia

Indonesia corn imports seen tripling in 2010
JAKARTA, Oct 9 (Reuters) - Indonesian corn imports are expected to triple to as much as 1.5 million tonnes this year as unseasonally long monsoon rains have depressed output, an official said.
"We're experiencing difficulties to buy local corn because the supplies are dwindling," said Anton J. Supit, head of the national corn council, adding that feed manufacturers may seek cheaper supplies from South America.

At multi-yr highs as supply concerns grow after USDA
KUALA LUMPUR, Oct 11 (Reuters) - Global vegetable oil prices hit multi-year highs as Asian traders scrambled for cover over a bullish crop forecast by the U.S. government and the faltering dollar.
"I believe the prices will go above 9,000 yuan per tonne on speculative buying," said an oil analyst with a Shanghai-based brokerage.

Argentine farmers start 2010/11 soy seeding - gov't
BUENOS AIRES, Oct 8 (Reuters) - Argentine farmers began to plant soy this week for the 2010/11 season, the Agriculture Ministry said in its latest weekly report on Friday.
Argentina is the No. 3 global exporter of soybeans and the top supplier of soymeal and soyoil.

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