Friday, December 17, 2010

20101217 0930 Soy Oil & Palm Oil Related News.

Soy product futures ended lower, retreating in unison with soybeans. Fears of slowing demand for soybeans sparked profit taking pressure to pin prices in negative territory, analysts said. Soyoil did managed to regain some product value versus soymeal, buoyed by higher than expected weekly export sales released by USDA Thursday, analysts added. CBOT Jan soyoil ended 0.13c or 0.2% lower at 54.07 cents per pound, and Jan soymeal traded $2.30 or 0.7% lower at $343.80 a short ton. (Source: CME)

Palm at near 1-wk lows on exports;weather eyed
KUALA LUMPUR, Dec 16 (Reuters) - Malaysian palm oil  futures fell to a near one-week low on Thursday on  profit-taking due to lacklustre exports data, but supply  concerns kept a lid on prices.  "Trading was slow as investors are waiting for new leads to move the market," said a trader in Kuala Lumpur.

Palm oil down on poor exports
ROTTERDAM, Dec 15 (Reuters) - Palm oil eased on Wednesday on the European vegetable oils market  on disappointing exports in the first 15 days of December, market sources said.
"December 1-15 palm oil exports were almost a third down from same period last month, which weighed on prices, but palm oil futures ended off the lows on belief of smaller stocks in December as monsoon rains reduce production," one broker said.

Germany relaxes rule on biofuel sustainability
HAMBURG, Dec 15 (Reuters) - Germany has temporarily relaxed rules requiring raw materials for biofuels come from sustainable output, a move which industry bodies said on Wednesday will smooth imports of rapeseed and rapeseed oil for biodiesel use.
"This was a central demand and will prevent a looming threat to imports," said a spokesman for German oilseeds industry association UFOP. "There will now be enough flexibility and an interruption to trade will be avoided."

Extreme weather sparks global commodities rally
SYDNEY/LONDON, Dec 15 (Reuters) - Around the globe, the weather has turned extreme, driving up prices for commodities running the gamut from sugar and wheat to heating oil and orange juice.
Australia, for instance, is suffering from both extremes -- with drought in the west and deluges in the east. Heavy snow in Europe and sub-freezing temperatures in the United States are likewise fueling the weather rally in commodities.

No comments: