Soy product futures ended higher, following the lead of soybeans. Soyoil futures rebounded from early price weakness, recovering on solid global vegoil demand, analysts said. Soymeal followed the lead of the rest of the soy complex on supportive outlooks for tightening U.S. soy supplies. CBOT Jan soyoil ended 0.38c or 0.5% higher at 54.18 cents a pound, and Jan soymeal traded $2.80 or 0.6% higher at $347.10 a short ton. (Source: CME)
Argentine rains still too light to help farmers
BUENOS AIRES, Dec 7 (Reuters) - Scattered showers in Argentina have benefited some crops, but dry conditions caused by La Nina are expected to continue this month and 2010/11 soy and corn output could suffer, meteorologists said on Tuesday. Argentina is the world's No. 3 soybean supplier and the world's No. 2 corn exporter after the United States, but persistent dry weather has delayed plantings and harmed some crops.
Palm snaps 6-day winning streak on dollar, technicals
KUALA LUMPUR, Dec 8 (Reuters) - Malaysian crude palm oil fell on Wednesday for the first time in over a week on a firmer U.S. dollar and weaker technicals, and as traders took profits from the run of gains. "The U.S. dollar created some excuses to take profit as well as some weak technicals. Most palm oil players will sit tight until the Malaysian Palm Oil Board issues likely bullish data on Friday," said a dealer with a foreign trading firm.
China buying more soybeans for stocks -Oil World
HAMBURG, Dec 7 (Reuters) - Chinese soybean imports are rising sharply as the country appears to be building stocks as protection against the risk of a poor South American crop in early 2011, Hamburg-based oilseeds analysts Oil World said. China's October/December 2010 soybean imports may reach or exceed 14.2 million tonnes, up by about 4 million tonnes on the same year-ago period, Oil World estimated.
Argentine 2011 biodiesel output to jump -Oil World
HAMBURG, Dec 7 (Reuters) - Argentina is likely to produce about 2.5 million tonnes of biodiesel in 2011, up from an estimated 1.8 million tonnes in 2011, Hamburg-based oilseeds analysts Oil World forecast on Tuesday. But 2011 biodiesel exports are likely to fall to 1.40 million tonnes from an expected 1.42 million tonnes in 2010 as the country consumes more of its own biofuel, Oil World said.
Chinese demand seen paring US soy inventories
CHICAGO, Dec 7 (Reuters) - Persistent export demand for soybeans, led by China, should prompt the U.S. Department of Agriculture to lower its forecast of U.S. year-end soy inventories for a fourth straight month, analysts said. USDA's current estimate of soybean exports for the 2010/11 marketing year is 1.570 billion bushels, already a record high. Yet analysts expected USDA to raise the export figure by 20 million bushels or more, given the current pace of sales.
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