Monday, February 14, 2011

20110214 0926 Soy Oil & Palm Oil Related News.

Soy product futures ended lower, succumbing to profit taking pressure. Traders reduced risk exposure in the markets in unison with soybeans, with soyoil garnering further weakness from declines in crude oil futures, analysts said. Soymeal declines in step with soybeans, with slowing domestic demand applying modest pressure, traders added. CBOT March soyoil ended 0.55 cents or 0.9% lower at 58.49 cents per pound, and March soymeal traded $4.40 or 1.2% lower at $378.10 a short ton. (Source: CME)

Palm oil perks up as tight supply concerns grow
KUALA LUMPUR, Feb 11 (Reuters) - Malaysian palm oil futures rose 0.7 percent on concerns that earlier floods and rains could further weaken yields at a time of strong demand despite prices logging their  weakest weekly gain in two weeks.
"For Malaysia, the stock draw will be more pronounced in February, as China will have to replenish after the Lunar New Year holiday and its a much shorter month for harvesting from oil palms," said a trader with a foreign brokerage.

Asia oils-China restocks with palm oil after Lunar Year holidays
KUALA LUMPUR, Feb 11 (Reuters) - China, the world's No.2 vegetable oil buyer, is seeking nearby palm oil shipments to replenish stocks after the Lunar New Year holiday although the pace of orders will be slower due to the recent price rally.
China's domestic refined palm olein used in cooking oil is selling at around 10,300 yuan ($1,563)a tonne with import prices for the spot month standing at a much higher 10,800 yuan, potentially limiting the size of purchases, traders said.

Indonesia palm oil giant SMART to invest $500 mln for two CPO plants
Feb 11 (Reuters) - Palm oil giant PT Sinar Mas Agro Resources & Technology, or SMART  plans to invest $500 million in two crude palm oil plants (CPO), Indonesia's industry minister said on Friday.
The plants will process CPO for other derived products, MS Hidayat said. "The location is still to be discussed, but I expect them to build the factories outside Java," he added.

India's Jan vegoil imports down on high global prices
NEW DELHI, Feb 11 (Reuters) -India's vegetable oil imports in January may have fallen 7 percent from December as buyers slowed overseas purchases on high global prices, a Reuters survey shows.
Last month, the Malaysian benchmark palm oil contract  hit a 33-month high as part of a weather-driven rally in global vegetable oil markets.

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