Wednesday, November 24, 2010

20101124 0956 Soy Oil & Palm Oil Related News.

US soy product futures settle higher, extending gains into a second day. Soymeal leads the upside, following soybeans. Worries about dry weather in Argentina and Brazil help support the complex, traders say. Still, soyoil, used to make biodiesel, feels some pressure from weak crude oil, they add. Trading is expected to be choppy Wed ahead of Thanksgiving holiday. CBOT Dec soymeal closes up $7.10 at $340.70 per short ton. CBOT Jan soyoil ends up 0.06c at 49.57 cents per pound. (Source: CME)

Brazil's Farmers Seed 75% Of Soy Area As Of Nov 19 - Celeres(Source: CME)
Brazil's farmers planted 75% of the expected total soy area as of Nov. 19, agricultural consultancy Celeres said. The area seeded with soybeans in Brazil--the world's second largest producer of the oilseed after the U.S.--compares with 74% of the expected area a year ago and 61% the week before, according to Uberlandia, Brazil-based consultancy Celeres. Soybean planting had been delayed in Brazil in October due to a lack of rain in many regions. Growers in Mato Grosso, Brazil's largest soy-producer state, had been forced to postpone seeding in some parts of the state last month due to the La Nina weather phenomena which caused drier than usual weather. The most recent analysis, though, of Celeres issued on Tuesday estimates that 91% of the projected area to be planted to soy in Mato Grosso State had been seeded as of Friday. This compares with a figure of 80% a week ago and 98% one year ago, according to the consultancy. Farmers in Mato Grosso typically are the first to begin planting in Brazil.
Growers in Parana, the country's second-largest soy-producing state, had seeded 93% of their crop as of this last Friday, according to Celeres. This compares with a figure of 83% a year ago and 80% one week ago. Parana state had more favorable rain in early October. Celeres said advance soy sales of the 2010-11 soy crop slowed in the recent week in the aftermath of a drop in prices. Brazil's upcoming 2010-11 soy crop was 31% sold as of Friday, unchanged from the previous week. Sales though of the upcoming crop are ahead of the figure of 19% one year ago, according to Celeres. Many growers have to sell their crop in advance to raise cash. Soy producers, though, who were able to hold their beans and sell them throughout 2010 benefited from higher prices, Celeres said in the report. Brazilian growers start harvesting their soy crop in February and finish in May.
Growers able to warehouse their beans and sell them during 2010 also benefited from lower shipping costs during the off season for harvesting, according to Celeres. Celeres estimated that 97% of the 2009-10 crop had been sold as of last Friday, little changed from 98% a year ago.

U.S. soy up 0.6 pct on LatAm weather concerns, demand
SINGAPORE, Nov 23 (Reuters) - U.S. soybean futures gained   more ground, rising 0.6 percent as dry weather   threatened crops in parts of South America amid strong  purchases by China, the world's top importer.
"The fact that has pushed the market higher apart from the   Chinese demand is remarkably dry conditions in Argentina and   Brazil," said Garry Booth, a trader with MF Global Australia.

Palm at three-wk lows on Korea tensions, China
KUALA LUMPUR, Nov 23 (Reuters) - Malaysian palm oil  futures hit three-week lows, tailing losses in  global commodity markets, as dollar surged after two Koreas  exchange fire in a disputed maritime border.   
"What happened in Korea has dragged many Asian equity  markets down, eventually pulling Malaysia's palm oil prices  lower," said a trader with foreign brokerage in Kuala Lumpur.

China sees lower 2010 soyoil, palmoil imports -CNGOIC
BEIJING, Nov 23 (Reuters) - China, the largest consumer of edible oils, is likely to import 1.4 million tonnes of soyoil this year, down 40 percent from last year, the China National Grain and Oils Information Centre (CNGOIC), an official think-tank, said on Tuesday.
The decrease in soyoil imports resulted from Beijing's earlier ban of imports from Argentina, the world's largest exporter, because of a broad trade dispute between the two countries. 

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