Thursday, January 27, 2011

20110127 0915 Soy Oil & Palm Oil Related News.

ITS CPO export up 5.73% to 1,003,459 tonnes for the period of 1~25 Jan 2011.
SGS CPO export down 2.14% to 1,040,145 tonnes for the period of 1~25 Jan 2011.

Soy-product futures climb after Tuesday's drop as they move higher along with soybeans. Soyoil also gathered support from strength in crude-oil futures, with talk of firm world vegoil demand ahead of the Asian Lunar New Year underpinning prices. Meanwhile, soymeal gains capped by sluggish domestic demand. CBOT March soyoil ends 1.6% higher at 56.70 cents per pound while soymeal added 0.5% to $374.40 a short ton. (Source: CME)

Argentine port workers to strike in grain export hub
BUENOS AIRES, Jan 25 (Reuters) - Workers in ports around Argentina's grains export hub of Rosario confirmed on Tuesday that they will begin a strike this week that could put exports from the world's top soyoil and meal supplier at risk.
Major exporters and soy crushers such as Cargill Louis Dreyfus, Noble  and Bunge  own plants near Rosario, an area that accounts for about 80 percent of the country's soybean oil and meal output.

Palm oil off one-week lows on lower output talk
KUALA LUMPUR, Jan 26 (Reuters) - Malaysian palm oil bounced off fresh one-week lows  on talk of production falling further this month as rains continue to batter estates.  "There is a perception that the market was oversold. Also, there is talk that production could be at least 5 percent lower in January," said a trader with a foreign commodities brokerage.

Paraguay soy harvest seen at 7.48 mln T in 2010/11
ASUNCION, Jan 25 (Reuters) - Paraguay's 2010/11 soy output is expected to reach 7.48 million tonnes, a record for a second consecutive season, as sufficient rains boost crop yields during planting, the Agriculture Ministry said on Tuesday.
The poor South American country is the world's No. 4 exporter of the oilseed, though it trails far behind neighboring Brazil and Argentina.

Rains could bring relief to Argentine soy, corn
BUENOS AIRES, Jan 25 (Reuters) - Widespread rainfall forecast across Argentina's farming belt in the coming days should boost soy and corn crops suffering from drought caused by the La Nina weather anomaly.
The lack of rainfall is hitting some of Argentina's 2010/11 soy crop after causing irreversible damage to corn, which has already passed through the critical pollination phase when yields are largely determined.

China to slow soybean imports near term-Oil World
HAMBURG, Jan 25 (Reuters) - China's soybean imports in January and February are likely to slow down following a recent surge as stocks are building up in the country's ports, Hamburg-based oilseeds analysts Oil World said on Tuesday.
Growth in overall global import demand for soybeans has also been dented by the rise in U.S. soybean prices, it said. U.S. soybean futures  rose to a 30-month high in January partly because of Chinese demand and crop concerns in Argentina.

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