Wednesday, February 16, 2011

20110216 0947 Soy Oil & Palm Oil Related News.

ITS CPO export up 8.14% to 636,966 tonnes for the period of 1~15 Feb 2011.
SGS CPO export up 7.3% to 610,087 tonnes for the period of 1~15 Feb 2011.

Soy product futures tumbled, succumbing to profit taking pressure, as the markets corrected after rising to historically high levels. Soyoil futures sank to 3-week lows, as traders reduced risk exposure amid the diminished threats of South American supply issues slowing demand for U.S. soybeans, analysts said. Soymeal followed the lead of soybeans, sinking to 1-month lows. CBOT March soyoil ended 1.15 cents or 2% lower at 56.54 cents per pound, and March soymeal traded $8.90 or 2.4% lower at $366.60 a short ton. (Source: CME)

Bangladesh to cut import duty on edible oil to 10 pct
DHAKA, Feb 15 (Reuters) - Bangladesh will cut its import duty on edible oils in a bid to stabilise domestic prices amid soaring global food costs, a commerce ministry official said on Tuesday.
"The government has decided to reduce import duty on edible oil to 10 percent from 15 percent earlier," the official said, adding that the measure would take effect soon, but without giving details.

Argentine soy recovery on solid footing-gov't
BUENOS AIRES, Feb 14 (Reuters) - Rainfall in Argentina's top soy growing region last week brought more moisture to already damp soils, cementing the recovery of soy crops hit by severe dryness, the Agriculture Ministry said.
Recurrent rains since mid-January eased the impact of weeks of dry weather caused by La Nina, although the rainfall arrived too late for corn crops, which were battered by dryness when they were going through the key pollination stage.

Rain to intensify in Brazil's center-west soy belt
SAO PAULO, Feb 14 (Reuters) - A cold front of Brazil's southeastern coast will combine with Amazon moisture to bring heavy rainfall in the main soy growing states in the center-west this week, local forecaster Somar predicted Monday.
Regular rains mixed with hot sunny days will be needed over the world's No. 2 soy belt to allow farmers to harvest early maturing fields, while keeping conditions moist and sunny enough to bring later cycle beans to maturity.

No comments: