Soy product futures ended lower, stumbling in unison with soybeans on broad-based speculative selling in commodities. Traders booked profits on prior gains, reducing exposure in the market, analysts said. The commoditywide selling overshadowed initial support in soyoil from strength in world vegoil markets amid fears of shrinking palm oil supplies. CBOT March soyoil ended 0.85 cents, or 1.5%, lower at 56.85 cents per pound, and March soymeal traded $1.20, or 0.3%, lower at $367.80 a short ton. (Source: CME)
India Official: No Plan To Tax Crude Edible Oil Imports (Source: CME)
India doesn't have any plan to impose an import duty on crude edible oils or to raise the tax on refined edible oils, a senior food ministry official said. "We import nearly 50% of our edible oil requirement. Any increase in the import tax may lead to a rise in edible oil prices," the official, who didn't want to be named, told reporters. India currently doesn't levy any duty on crude edible oil imports but imposes a 7.5% tax on refined oils. The South Asian nation is the world's largest edible oil importer. It imported a record 8.82 million tons of edible oil in the marketing year that ended Oct. 31. The country imports palm oil mainly from Indonesia and Malaysia, and soyoil mostly from Brazil and Argentina.
U.S. soy up 0.5 pct on LatAm weather, wheat ticks up
SINGAPORE, Jan 4 (Reuters) - U.S. soybean futures rose around half a percent and corn was steady, with both the markets trading close to more than two year highs as drier-than-expected weather in South America renewed concerns over supplies. "There has been interest on the flood situation in Australia and we are seeing disruptions in transportation of harvested grain," said Matthews.
Palm oil hits 33-mo high in weather-driven rally
KUALA LUMPUR, Jan 4 (Reuters) - Malaysian crude palm oil hit a fresh 33-month high as part of a weather-driven rally in global vegetable oil markets. "The palm oil market is pacing itself for more gains. The consensus is that in the first quarter prices will strengthen as adverse weather intensifies and demand grows," said a trader with a foreign commodities brokerage.
Brazil's soy areas heading for a wet fortnight -Somar
BRASILIA, Jan 3 (Reuters) - Brazil's soy-growing regions will see fairly steady, widespread rain over the next fortnight, forecaster Somar said on Monday, as much of the crop enters the late stages of its development.
A combination of cold fronts, instability and an accumulation of moisture from the Amazon will bring rain to all the main growing states in the world's No. 2 soy producer.
Argentine soy crushing rises 34 pct in November
BUENOS AIRES, Jan 3 (Reuters) - Argentine soy crushing increased 34 percent year-on-year in November to 3.14 million tonnes, boosted by the record 2009/10 harvest, the government said in its latest monthly report.
Argentina is the world's top supplier of soyoil and soymeal and the third-biggest exporter of unprocessed beans.
Soy processing slumped for almost a year due to the poor, drought-hit harvest of the 2008/09 season, but improved weather lifted 2009/10 soy production to a record 52.7 million tonnes, according to government estimates.
Palm oil may peak in H1 2011 as supply shrinks
KUALA LUMPUR, Jan 4 (Reuters) - Palm oil's price cycle may peak in the first half of 2011 as Asian buyers chase for vegetable oil supplies that are shrinking on adverse weather, said a Goldman Sachs analyst on Tuesday.
The tropical oil could hit 4,000 ringgit ($1,305) soon but will come under pressure once output recovers in the second half, said Patrick Tiah, whose 2010 forecast of 2,733 ringgit was the most accurate of 19 analysts polled last January.
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