Monday, November 22, 2010

20101122 0942 Soy Oil & Palm Oil Related News.

ITS CPO export up 11.5% to 1,053,520 tonnes for the period of 1~20 Nov 2010.
SGS CPO export up 18.3% to 1,099,451 tonnes for the period of 1~20 Nov 2010.  

U.S. corn, soy jump over 1 pct on Ireland bailout
SINGAPORE, Nov 22 (Reuters) - U.S. corn and soybean  futures rose more than 1 percent in choppy trading  as the EU and IMF agreed to help bail out Ireland and dry  weather threatened crops across Argentina.
"The U.S. dollar has opened sharply lower and that is supportive across the entire commodity complex," said Luke  Mathews, commodity strategist at Commonwealth Bank of Australia.

Dry weather forecast for U.S. winter wheat, Argentine soy
SINGAPORE, Nov 22 (Reuters) - Dry weather forecast across  the U.S. Southern Plains this week with wide swings in  temperature will hamper development of winter wheat crop, a  forecaster said on Monday.
"With little or no precipitation in the forecast during  the next 10 days, there will be additional stress on the  winter wheat crop especially in the dry areas of western  Kansas, eastern Colorado and southwest Nebraska,"  said Mike  Palmerino, agricultural meteorologist with Telvent DTN.

Soy product futures tumbled in unison with soybean futures. Soyoil futures led the downward push in the products. Fears of tempered demand from China and reports of China looking to release soyoil supplies from their reserves next week enticed traders into reducing their long position exposure ahead of the weekend, analysts said. Soymeal futures declined in step with the rest of the complex, but found some support from oil/meal spreading and a smaller amount of fund long position risks, analysts said. CBOT Dec soyoil ended 1.96c or 3.8% lower at 48.96 cents per pound, and Dec soymeal traded $9.20 or 2.7% lower at $325.80 a short ton. (Source: CME)

US Grain Exports-Wheat sales hit 10-week high, soy sales rebound
CHICAGO, Nov 18 (Reuters) - U.S. wheat export sales climbed for the fifth consecutive week last week and hit a 10-week peak on improving demand for U.S. supplies after weather woes cut crops in parts of Europe and the Black Sea region this year, trade sources said on Thursday.
Soybean export sales rose 26 percent and topped 1 million tonnes for the seventh time in nine weeks amid continued strong sales to China, the world's top importer, the sources said after the U.S. Agriculture Department released its weekly export sales report.

Palm oil up as Irish debt concerns ease
KUALA LUMPUR, Nov 19 (Reuters) - Malaysian palm oil edged higher as anxieties over Irish debt crisis eased a little, although gains were limited by a likelihood of China interest rates hike.
"The market stabilised after a sharp fall early in the week due to the uncertainty surrounding China's food price controls and Irish debt worries," said a dealer with a foreign commodities brokerage in Kuala Lumpur."

La Nina triggering heavier monsoon in Malaysia-Met Dept
KUALA LUMPUR, Nov 19 (Reuters) - The La Nina weather pattern will trigger heavier-than-usual monsoon rains this year for Malaysia's key oil palm growing region on Borneo island, the country's weather office said on Friday.
Director General of the Malaysian Meteorological Department Yap Kok Seng said the weather condition will induce five to six episodes of heavy rain in the world's second largest palm oil producer and No.3 rubber supplier.

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