U.S. soy products rallied Thursday, following strength in soybeans amid talk that China would lower its import tax. Soymeal broke a five-day string of losses, as it corrected higher along with soybeans. Weekly exports were at the low end of expecations for both soymeal and soyoil. Rallies in corn and cotton on tight supplies helped lift ag commodities generally. March CBOT soyoil closed up 2.9% to 58.25 cents/pound and March soymeal settled up 2.3% to $372.70 per short ton. (Source: CME)
Palm hits new 3-week low on possible China tax move
JAKARTA, Feb 17 (Reuters) - Malaysian palm oil futures dropped to a fresh three-week low as traders grew concerned that a possible cut in taxes for a range of imported goods by China may not benefit the vegetable oil. "Palm oil traders have been looking for an excuse to take profit from the recent rally and China's possible tax move was the trigger," said a trader with a foreign commodities brokerage.
Vietnam scours for soymeal, India eyes deals
SINGAPORE, Feb 17 (Reuters) - Vietnam is looking to cover nearly half a million tonnes of soymeal for April and May shipments and its traditional supplier India is expected to corner at least half of the business on competitive offers.
Feed mills in Vietnam are likely to buy some 200,000 tonnes for April and around 250,000 tonnes of May arrivals, while suppliers from India and South America are expected to aggressively negotiate deals, traders said on the sidelines of a grains conference in Singapore.
South Brazil soy belt gets break from rains—Somar
SAO PAULO, Feb 16 (Reuters) - Brazil's southern soy states and parts of No. 1 soy producer Mato Grosso are getting a breather from recent rains that are keeping the new crop on course to an expected record harvest this season.
Brazil is forecast to bring in a record 69 million to 70 million tonnes of soybean this season, and early harvesting has started in some isolated regions. The crop is fast maturing and harvest will spread rapidly this month and peak in March and April.
China soy imports under pressure from rising prices
BEIJING, Feb 16 (Reuters) - China's soy imports in March and April are seen below a year ago despite a forecast of the slowest pace in nearly a year in February when crushers shut for the Lunar New Year as high global prices hit demand.
China will import an estimated 3.13 million tonnes of soybeans in February, the Commerce Ministry said on Wednesday, hiking its forecast from 2.73 million tonnes previously, but still below March 2010 levels.
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