US soy product futures finish stronger with soybeans as markets recover from steep slide Friday. Soyoil on Friday dropped 3.8% on fears of tempered demand from China, while soymeal fell 2.7%. No solid signs have emerged that China, largest importer of U.S. soybeans, will ease its buying, analysts say. "We got ourselves a bit oversold," says John Kleist, broker/analyst at Allendale. CBOT Jan soyoil closes up 0.21c at 49.51 cents per pound. CBOT Dec soymeal climbed $7.8 to $333.60 per short ton. (Source: CME)
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.
Palm oil drops on more China controls
KUALA LUMPUR, Nov 22 (Reuters) - Malaysian palm oil futures dropped 2.1 percent after China's central bank stepped up controls on money supply and credit last week, a move that limits the country's demand for vegetable oils.
"Palm oil is taking a cue from China scenario and adjusting to overseas markets last week's losses, although our exports are good," said a trader in Malaysia.
Indonesia to lift Dec palm export tax to 15 pct - source
JAKARTA, Nov 22 (Reuters) - Indonesia will raise its palm oil export tax for December to 15 percent, up from 10 percent this month, because of gains in palm oil prices, a source familiar with the matter told Reuters on Monday.
The increase would be higher than market expectations for a hike to 12.5 percent. The decision is still subject to approval by the trade ministry, said the source, who declined to be identified because he was not authorized to speak to the media.
China to sell 100,000 T rapeseed oil reserves on Friday
BEIJING, Nov 22 (Reuters) - China plans to release a total of 100,000 tonnes of rapeseed oil from state reserves in 10 provinces on Friday, according to an announcement posted on an official grain trading web site (www.cereal.com.cn).
The sale, in line with expectation by traders, is part of government efforts to cool food price rises, which have pushed up the country's inflation to 25-month high in October.
India's edible oil imports may grow 6-7 pct/yr-report
NEW DELHI, Nov 22 (Reuters) - India's edible oil imports could grow 6-7 percent per year to 12 million tonnes by 2015 amid rising demand and stagnant oilseed output, Pranav Adani, managing director of Adani Wilmar, told the Financial Express newspaper.
"The level of import can go up to 12 million tonnes by 2015," Adani, whose company is India's top seller of packaged cooking oils, said in the interview published on Monday.
Lack of rains hinders soy sowing in Argentina-gov't
BUENOS AIRES, Nov 19 (Reuters) - Sparse rains in Argentina's agricultural belt slowed farmers' progress in planting 2010/11 soybeans over the last week, the Agriculture Ministry said on Friday.
Argentina is the world's No. 3 soybean supplier and Agriculture Minister Julian Dominguez has forecast 2010/11 soybean output at 52 million tonnes, just slightly down from last season's record harvest of 52.7 million tonnes.
India soybean rises on meal demand, overseas markets
MUMBAI, Nov 22 (Reuters) - Indian soybean futures rose on Monday afternoon on good export demand for Indian soymeal and firmness in the U.S. market, analysts and an oil miller said.
Soyoil futures also edged up taking support from soybean, while rapeseed futures were steady as hopes of higher area under the winter-sown oilseed weighed, they said.
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