U.S. soy product futures posted a strong rebound after a two-day slump. Markets climbed with soybeans in recovery from recent setback, analysts say. Concerns about dryness and heat hurting Argentina's soy crop added support, as Argentina is the world's top exporter of soy products. "Argentina's current low soil moisture has stalled their plantings," according to North America Risk Management Services, a Chicago-based brokerage firm. The crop will be harvested in the spring. CBOT March soymeal ends up $5.20 at $373 per short ton. CBOT March soyoil jumps 0.91 cent to 57.76 cents per pound. (Source: CME)
Palm oil falls on stronger dollar; weather eyed
KUALA LUMPUR, Jan 5 (Reuters) - Malaysian crude palm oil futures fell more than 2 percent after a strong New Year rally driven partly by weather concerns lost some steam because of a stronger dollar.
"But for palm oil, profit-taking may only be a one-day affair. Investors cannot afford to ignore the weather-market play going on," said a trader with a foreign commodities brokerage.
China may sell state soyoil reserves to some refineries-sources
BEIJING, Jan 5 (Reuters) - China may release at least 300,000 tonnes of state crude soyoil reserves to some designated companies to be refined and sold to the retail market, industry sources said on Wednesday.
The sale is similar to the weekly state sales of rapeseed oil reserves and soybeans that are part of efforts by Beijing to cool food prices, which helped drive inflation to a 28-month high in November.
Indonesia trade min sees palm oil exports growing 16 pct in 2011
JAKARTA, Jan 5 (Reuters) - Indonesia expects palm oil exports to grow by 16 percent by value in 2011 as new investment in the sector is expected to boost output, Trade Minister Mari Pangestu said on Wednesday.
Strong demand from the Middle East will also help boost exports from the world's top palm oil producer, Pangestu said.
Malaysian palm oil sector to spend $1.4 bln on replanting-media
KUALA LUMPUR, Jan 5 (Reuters) - Malaysia's palm oil industry will spend 4.4 billion ringgit ($1.4 billion) during the next three years to replant 365,000 hectares of ageing oil palms, the New Straits Times (NST) reported on Wednesday.
The government will pay out 1 billion ringgit to support smallholders, and listed plantation firms will fork out 3.4 billion for their own replanting schemes, the NST quoted an official with Pemandu, a government think tank, as saying.
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