Tuesday, February 22, 2011

20110222 0903 Soy Oil & Palm Oil Related News.

Soy Oil Futures reopened today, up 1.02 at 57.50.

Palm down to 4-wk low after China steps up inflation fight
KUALA LUMPUR, Feb 21 (Reuters) - Malaysian palm oil futures fell to a one-month low on concerns demand from China may slow after the government moved to drain cash from the economy and rein in inflation.
"Currently, Malaysia's palm oil market is still lagging but it was moving in tandem with weak overseas markets," said a trader in Kuala Lumpur.

China authorities refuse soy, soyoil import tax cut -paper
BEIJING, Feb 21 (Reuters) - Chinese authorities have reportedly rejected a proposal to cut soy and soyoil import tariffs, according to a local media report.
The China Business News cited one industry source as saying that the proposed reduction had been rejected by authorities in charge of the matter, although the paper did not identify any of them.

India castor seed output seen up 21.8 percent
AHMEDABAD, Feb 19 (Reuters) - India's castor seed output in 2010/11 is likely to rise 21.8 percent to 1.19 million tonnes following higher acreage and increased yield due to a favorable monsoon, a survey by The Solvent Extractors' Association of India (SEA) showed on Saturday.
In 2009/10, the output was 978,000 tonnes, the data showed.

Argentine soy crop seen slightly up on rains-gov't
BUENOS AIRES, Feb 18 (Reuters) - The Argentine government is more upbeat about the country's soy output following recent rains, and sees 2010/11 soy output at above 50 million tonnes, Agriculture Deputy Secretary Oscar Solis said on Friday.
Solis in early January estimated the country's soybean harvest at below 50 million tonnes, but he said he now feels more optimistic as recurrent rainfall in January and February eased the impact of weeks of dryness on soy crops.

Argentine 2010/11 soy output seen above 50 mln T
BUENOS AIRES, Feb 18 (Reuters) - Argentina's 2010/11 soy harvest is seen at above 50 million tonnes, Agriculture Deputy Secretary Oscar Solis told Reuters on Friday.
The Agriculture Ministry has not officially forecast soy output this season, but dryness caused by the La Nina weather phenomenon has prompted many crop analysts to lower estimates for the country's output to below 50 million tonnes.

Rocketing food prices to boost Indonesia downstream palm investment
JAKARTA, Feb 21 (Reuters) -     Rising food prices and a government drive to develop Indonesia's commodity processing sector will lure more firms to invest in palm oil products in the world's top maker of the oil, despite erratic power, bad roads and aging ports that complicate the task of processing and moving goods.
Record food prices may have thrown many emerging market nations into a tizzy, but Indonesian producers of the edible oil, used to make everything from biscuits to ice cream, have seen margins rise and are giving the green light to more investments. 

Indonesia palm oil output to hit 22mln T in 2011 -IPOB
JAKARTA, Feb 18 (Reuters) - Indonesia's palm oil production is estimated to rise by 7-9 percent in 2011, while global consumption will rise 5 percent annually over the next five years, the Indonesian Palm Oil Board (IPOB) said on Friday.
Maturing plantation areas combined with farmers using better harvesting techniques due to heavy rains, is likely to see  output in Indonesia, the world's top palm oil producer, hit 22 million tonnes this year, Derom Bangun, vice chairman at the IPOB told Reuters.

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