Palm slips on stronger dollar, weather concerns cap loss
KUALA LUMPUR, Nov 26 (Reuters) - Malaysian palm oil futures slipped as a stronger dollar prompted some profit taking although concerns over monsoon rains hurting output curbed losses.
"Palm oil is just drawing back a little on profit taking because of the stronger dollar and since the market rose a little too high the day before," said a trader with a local commodities brokerage.
Palm prices face pressure in 2011 from output, soy-analyst
KUALA LUMPUR, Nov 26 (Reuters) - Malaysian palm oil should fall to 2,600 ringgit ($830) by June 2011 on higher output in Southeast Asia and a decent soy crop but the pace of decline will be slower than the market expects, thanks to unusually low stocks, a key analyst said on Friday.
The forecast by LMC Chairman James Fry represents a fall of 20.6 percent from current palm oil futures , which closed at 3,276 ringgit per tonne on Thursday, and takes into account palm oil's higher than usual premium over diesel.
China sells 70 pct of 100,000 T rapeseed oil reserves
BEIJING, Nov 26 (Reuters) - The Chinese government sold 70,300 tonnes, or 70 percent of 100,000 tonnes of rapeseed oil reserves offered, at a weekly state auction, according to bidding results posted on a government website.
Beijing restricted bidding of the edible oil to some big companies, which are required to sell the oil to retail markets.
Argentina soy crop seen at 49.5 mln T- Rosario
BUENOS AIRES, Nov 25 (Reuters) - Argentina's 2010/11 soy output is estimated at 49.5 million tonnes, below other estimates for the season as concern grows over the La Nina weather anomaly, the Rosario grains exchange said on Thursday.
Argentina is the No. 3 global exporter of soybeans and the top supplier of soymeal and soyoil. The exchange said a record 18.7 million hectares will be dedicated to the crop, inching up from the 2009/10 season.
Paraguay soy farmers look to new lands, technology
ASUNCION, Nov 25 (Reuters) - Paraguay's soy output has almost doubled over the last decade, but farmers say further growth will mean expanding into less fertile lands or unruly northern areas better known for illegal marijuana plantations.
Growers in the poor South American country are looking at expanding the soy-farming frontier and boosting crop technology to meet demand from a nascent soy-crushing industry without reducing exports of uncrushed beans.
China sells 70 pct of 100,000 T rapeseed oil reserves
BEIJING, Nov 26 (Reuters) - The Chinese government sold 70,300 tonnes, or 70 percent of 100,000 tonnes of rapeseed oil reserves offered, at a weekly state auction, according to bidding results posted on a government website.
Beijing restricted bidding of the edible oil to some big companies, which are required to sell the oil to retail markets.
Argentina soy crop seen at 49.5 mln T- Rosario
BUENOS AIRES, Nov 25 (Reuters) - Argentina's 2010/11 soy output is estimated at 49.5 million tonnes, below other estimates for the season as concern grows over the La Nina weather anomaly, the Rosario grains exchange said on Thursday.
Argentina is the No. 3 global exporter of soybeans and the top supplier of soymeal and soyoil. The exchange said a record 18.7 million hectares will be dedicated to the crop, inching up from the 2009/10 season.
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