US soy product futures finished mixed, as soymeal futures slipped with nearby soybeans. Analysts were surprised soymeal, used to feed livestock, tumbled because cold weather hitting the central US usually causes livestock producers to increase feedings. Commodity funds sold an estimated 2,000 soymeal contracts and bought an estimated 3,000 soyoil contracts. Soyoil felt support from ongoing concerns about heavy rain hurting palm oil output in Indonesia and Malaysia, the world's top two producers, an analyst says. CBOT March soyoil closed up 0.3 cent at 57.56 cents per pound, and CBOT March soymeal fell $5.70 to $379.60 per short ton. (Source: CME)
Argentine corn crop seen down, soy steady
BUENOS AIRES, Jan 20 (Reuters) - Argentina's 2010/11 corn harvest is seen falling to 19.5 million tonnes, down 4 percent from the last estimate as dry weather hits yields, the Buenos Aires Grains Exchange said on Thursday.
Despite the deteriorating outlook for corn output, the exchange held its forecast for soy output at 47 million tonnes following heavy rains in parts of Buenos Aires province, the No.1 soy growing region.
Palm oil hits near 2-wk high as export data supports
JAKARTA, Jan 21 (Reuters) - Malaysian palm oil futures rose to a near two-week high as traders cited strong export data amid concern that supplies will struggle to keep pace with robust demand. "The export numbers came out nice -- good numbers. 800,000 tonnes would mean 1.2 or 1.25 million tonnes exports in the month -- higher than people were expecting."
Indonesia to hike Feb palm oil export tax to 25 pct-sources
JAKARTA, Jan 21 (Reuters) - Indonesia may increase its palm oil export tax for February to 25 percent from 20 percent in January, after a rally in international prices, industry sources familiar with the matter said on Friday.
The base export price for crude palm oil (CPO) is likely to be set at $1,194 a tonne in February, up from $1,112 per tonne in January, said one source in the industry ministry.
Rains brighten prospects for Argentine soybeans
BUENOS AIRES, Jan 20 (Reuters) - Heavy rains this week have brought significant relief to soy crops in Argentina's main farming belt, helping replenish soil moisture after months of dryness, crop weather specialists said on Thursday.
Argentina is one of the world's biggest exporters of soy and corn, but scarce rain caused by the La Nina weather phenomenon has driven down harvest estimates and boosted global grains prices due to supply fears.
India aims to produce 4 mln T palm oil in 5 years
NEW DELHI, Jan 21 (Reuters) - India's palm oil output should surge to 4 million tonnes from about 60,000 currently in five years as the government, battling food inflation, encourages largescale oil palm cultivation, the farm secretary told Reuters.
India, the world's biggest edible oil importer, buys in almost half its annual consumption of around 16 million tonnes. Palm oil, imported from Indonesia and Malaysia, accounts for about 80 percent of total edible oil imports.
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