Wednesday, February 2, 2011

20110202 0938 Soy Oil & Palm Oil Related News.

Soy-product futures soared in unison with soybean, with soyoil propelled by fresh sales to China and strong global vegoil prices. Soymeal, analysts noted, was buoyed by outlooks for increased livestock feed demand as frigid weather is expected to follow a heavy snowstorm in the central US. Reports that soymeal shipments form Argentina ports are delayed due to a strike was also seen providing some underlying strength. CBOT March soyoil ended 1.5% higher at 58.72c/pound while soymeal climbed 2.6% to $390/short ton. (Source: CME)

Thailand to import another 120,000 tonnes palm oil
BANGKOK, Feb 1 (Reuters) - Thailand said on Tuesday it would import an additional 120,000 tonnes of crude palm oil to ease a shortage that has pushed up the cost of meals, on top of 30,000 tonnes already brought in this year from neighbouring Malaysia.
"The oil should be imported by the end of March as we don't want to hurt farmers by importing more oil into the country when domestic supply is due to rise," Deputy Prime Minister Suthep Thaugsuban told reporters.

More Malaysian palm oil delayed on floods, refiners eye Indonesia
KUALA LUMPUR, Feb 1 (Reuters) - Planters in Malaysia have delayed another 30,000 tonnes of palm oil exports for a week as floods continue to cut road access in a key producing area, refiners said on Tuesday.
The delays reported on Tuesday, bring total delayed shipments from the southern Malaysia state of Johor to at least 70,000 tonnes over three days.
Heavy rains at the weekend triggered floods in the Southeast Asian country's No.2 producing region, disrupting the palm oil supply chain from the estates to the refineries.

Rains foster Argentina soy growth, help corn- gov't
BUENOS AIRES, Jan 31 (Reuters) - A second week of rains boosted soy crops in Argentina's top growing region and should help late-planted corn to recover from weeks of dryness, the government said on Monday.
Argentina is the world's No. 3 exporter of soybeans and the top supplier of soyoil and soymeal, but weeks of severe dryness prompted analysts to lower their forecasts for the country's 2010/11 harvest earlier this month.

Rain keeps Brazil soy belt on bumper crop course
SAO PAULO, Jan 31 (Reuters) - Moderate rainfall fell over the weekend and should continue through this week over most of Brazil's soybean belt, which is inching closer to a bumper harvest that should pick up speed through February, meteorologists Somar said on Monday.
Producers are beginning early harvest of short cycle beans in a handful of regions in No. 1 soy producer state Mato Grosso and No. 2 Parana, but widespread harvesting will not get underway in these early harvesting states until March-April.

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