Wednesday, October 20, 2010

20101020 1006 Soy Oil & Palm Oil Related News.

ITS : CPO export up 4.2% at 944,700 tonnes for the period of 1~20 Oct 2010.
SGS : CPO export up 5.4% at 929,473 tonnes for the period of 1~20 Oct 2010.

Soy product futures ended lower in unison with broader commodity markets, falling prey to speculative selling in the face of a strong bounce in the U.S. dollar. Soymeal, despite the declines, was the stronger of the products, benefiting from soyoil's weakness on spreads, analysts said. December soyoil settled 0.56c, or 1.2%, lower at 47.10 cents per pound. December soymeal ended 0.10c, or 0.03%, lower at $328.20 per short ton. (Source: CME)

Madhya Pradesh 2010-11 Soybean Output Likely Up 5% - Official (Source: CME)
Soybean output in central India's Madhya Pradesh, the country's largest producing state, is likely to rise 5% to 6.73 million metric tons in the marketing year through September 2011 as good rains have increased the yield, a senior government official said. The state produced about 6.40 million tons of soybeans in 2009-10, the official, who didn't want to be named, told Dow Jones Newswires on the sidelines of a conference. The area under soybean cultivation is expected at 5.35 million hectares, the same as last year, the official said. According to the Soybean Processors Association, soybean output in all of India is likely to rise 4.2% to 10.13 million tons this year.
The official added that Madhya Pradesh is likely to produce 3.88 million tons of chickpeas in 2010-11, up 17.6% from 3.30 million tons last year thanks to a larger area under cultivation. The area under chickpea is expected at 3.15 million hectares this year, up 2% from 3.09 million hectares last year, he said. Madhya Pradesh is the country's biggest producer of chickpeas.

Palm oil rises; gains curbed by dollar, stocks
KUALA LUMPUR, Oct 19 (Reuters) - Malaysian palm oil rose along with other vegetable oil markets, although a firmer U.S. dollar and concerns of growing stocks weighed on prices.
"Market sentiment is depressed by the fact that production may be 15-20 percent higher and exports will not grow at the same pace," said a trader in Singapore.

US corn, soy harvest continues at record pace
CHICAGO, Oct 18 (Reuters) - The U.S. corn and soybean harvest continued at a record pace as largely dry weather in the top growing region of the Midwest allowed farmers to maintain the fastest harvest since the U.S. Agriculture Department began tracking the data in 1981.
The corn harvest was 68 percent complete as of Sunday, up from 51 percent last week and the five-year average pace of 39 percent, USDA said late on Monday.

Brazil soy growers sell 23 pct of new crop-Celeres
SAO PAULO, Oct 18 (Reuters) - Brazilian soybean producers have sold 23 percent of the 2010/11 soybean crop that farmers have just recently started to plant, up from 20 percent a week earlier, analysts Celeres said on Monday.
As of Oct. 15, sales of the new crop, which is seen at a record 69.1 million tonnes, were ahead of the 16 percent sold this time last year. Celeres said forward sales were just ahead of the 21 percent sold on average over the last five years at this period.

EU ups soyoil imports on biofuel demand -Oil World
HAMBURG, Oct 19 (Reuters) - The European Union is raising its soyoil imports to meet demand for biofuel output and because of tighter rapeoil supplies after a poor rapeseed crop this summer, Hamburg-based oilseeds analysts Oil World said on Tuesday.
"We estimate that the EU-27 (member states) will import approximately 420,000-450,000 tonnes of soyoil in July/Dec. 2010, virtually double the 228,000 tonnes a year earlier," Oil World said.

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