Thursday, February 10, 2011

20110210 1057 Soy Oil & Palm Oil Related News.

ITS CPO export up 45.7% to 437,479 tonnes for the period of 1~10 Feb 2011.
SGS CPO export up 28.5% to 426,163 tonnes for the period of 1~10 Feb 2011.

MPOB Official Data for the month of Jan 2011 vs Dec 2010
Export down 6.23%
Stock down 12.178%
Output down 14.18%

Mielke sees world vegoil prices easing in 2011
PALM BEACH, Fla., Feb 9 (Reuters) - Global vegetable oil prices are likely to decline during 2011 due to improved palm oil production and easing of demand due to high prices, especially from the biodiesel sector, Thomas Mielke, editor of Oil World, said on Wednesday.
"We may have reached the highs or we may be close to the highs. There are several indications in this market where I would say on the demand side we have seen some adjustments which no longer justify these high oil prices in the medium term," Mielke told the Commodity Markets Council annual meeting.

Soy product futures climb, with soyoil soaring to 2 1/2 year highs. Soyoil advances were fueled by supportive USDA data projecting tighter stocks and higher exports. The USDA may still be a little conservative on soyoil shipments, as palm oil issues in Malaysia and Indonesia could shift demand to soyoil, Citigroup's Balletto says. CBOT March soyoil rose 1.7% to 59.74c/pound; March soymeal rose 0.7% to $388.60 a short ton. (Source: CME)

Palm at 3-yr high on supply, China growth prospects
KUALA LUMPUR, Feb 9 (Reuters) - Malaysian palm oil futures jumped to a fresh three-year high as traders bet on further tightening of supplies and strong economic growth underscored by China's surprise rate move.  "Theoretically market should fall after Chinese government increased bank interest rate but traders think the other way round. They see it as a hint of strong economic growth within 3 to 6 months," said a trader in Kuala Lumpur.

China's 2010/11 soybean imports to surge-Oil World
HAMBURG, Feb 8 (Reuters) - China's August 2010/July 2011 season soybean imports will rise sharply to 54.5 million tonnes from 46.82 million tonnes in 2009/10, Hamburg-based oilseeds analysts Oil World forecast on Tuesday.
China's 2010/11 soybean crushings are estimated by Oil World at 52.7 million tonnes, up from 46.50 million tonnes in 2009/10 as the country's economic growth spurs demand for soyoil and soymeal.

No comments: