Soy product futures rallied in step with advances in soybeans. Soyoil was the upside leader of the products, gaining versus soymeal on solid underlying strength in global vegoil markets, analysts said. Soymeal advances were tempered by net cancellations in old crop weekly export sales, and higher-than expected Dec inventories reported in the Census Bureau's soy crush report, analysts said. CBOT March soyoil ended 0.71 cents or 1.3% higher at 57.41 cents per pound, and March soymeal traded $3.00 or 0.8% higher at $377.40 a short ton. (Source: CME)
Palm bounces from one-week lows on global supply snags
KUALA LUMPUR, Jan 27 (Reuters) - Malaysian palm oil futures rebounded from one-week lows hit the previous day, buoyed by global commodities markets and stronger demand ahead of Lunar New Year. "Production for this month might remain low, but overseas demand could recover after the festival."
Brazil soy crop seen record 70.3 mln T-agroconsult
SAO PAULO, Jan 27 (Reuters) - Brazil's 2010/11 soybean crop that is beginning early harvest is forecast at a record 70.3 million tonnes, up from the 68.4 million tonnes forecast in December, analysts Agroconsult said on Thursday.
The forecast comes ahead of Agroconsult's annual crop tour that will start on Jan. 31 and run through March 27.
Rains seen saving some drought-hit Argentine soy
BUENOS AIRES, Jan 26 (Reuters) - Heavy rains this week brightened prospects for soy crops in Argentina's main farming belt, allowing plants to recover from dryness caused by the La Nina weather phenomenon, a crop weather specialist said on Wednesday.
Argentina is one of the world's biggest exporters of soy and corn, but scant rainfall has driven down 2010/11 harvest estimates and boosted global grains prices on supply fears.
Rains blanket Brazil soy belt - Somar
SAO PAULO, Jan 26 (Reuters) - A cold front passing through Brazil's southern coast is creating wet weather over most of the soy belt this week, as the near record crop moves closer to harvest in the coming months, meteorologists said on Wednesday.
"It will rain over the coming days from Rio Grande do Sul to Maranhao," independent meteorologists Somar said in a daily soy weather bulletin.
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