CBOT soybean products end sharply lower, tracking limit-down soybeans, on worries about Mideast unrest and global commodity demand. Soybeans and other commodities tumbled amid growing violence in the region, which propelled crude futures and fueled worries about commodity demand. March CBOT soyoil down 4.4% to 53.99c/pound while March soymeal slid 4.3% to $346.50/short ton. Both contracts fell to their lowest level in two months. (Source: CME)
Palm up on bullish commodity markets, but slow demand weighs
KUALA LUMPUR, Feb 22 (Reuters) - Malaysian palm oil rose 0.4 percent with traders taking positions on Libyan unrest that boosted most commodity markets, but the upside was capped by concerns of slower demand.
"Investors are fed up with the high palm oil prices, which are now a $60 premium over soyoil. It could slow down overseas demand, especially if riots in the Middle East continue," said a trader in Kuala Lumpur.
Indonesia to keep Feb export tax for palm, cocoa steady
JAKARTA, Feb 22 (Reuters) - Indonesia may keep its palm oil and cocoa bean export tax for March unchanged from February at 25 percent and 10 percent respectively, a source at the industry ministry said on Tuesday.
The base export price for crude palm oil (CPO), which is used to calculate export tax, may be set at $1,222 a tonne, up from $1,194 a tonne in February, the source said.
Patchy rain shores up Argentine soy-weather expert
BUENOS AIRES, Feb 21 (Reuters) - Scattered rains in Argentina have helped shore up the country's 2010/11 soy outlook, despite earlier dryness caused by the La Nina weather phenomenon, a specialist in crop weather said on Monday.
Argentina is the world's No. 1 exporter of soyoil and soymeal and its No. 3 soybean supplier.
Brazil soy harvest to get break from rain
SAO PAULO, Feb 21 (Reuters) - Rains that have been blanketing Brazil's grain belt are breaking up over the main harvesting regions in the south and center-west this week, local forecaster Somar said on Monday.
Brazil's is heading for a bumper soy harvest that is beginning to spread and should peak in March and April. Analysts have been raising forecasts and are seeing the current crop surpassing the record 69 million tonne crop of 2009/10.
Pakistan unlikely to cut vegoil import duties, flat demand seen
KUALA LUMPUR, Feb 22 (Reuters) - Pakistan, the world's No.4 vegetable oil buyer, will not cut import duties on palm oil and soyoil despite escalating food costs as the government needs to grow revenues, a key industry official said on Tuesday.
Higher prices of vegetable oils and the government's reluctance to lower tariffs will keep 2011 imports flat at 1.93 million tonnes from a year ago said Ikram Chaudhary, Secretary of the Pakistan Edible Oil Refiners Association.
Palm oil output to jump nearly 25 pct in 2011 -Bakrie Sumatera
JAKARTA, Feb 22 (Reuters) - Palm oil output at Bakrie Sumatera will jump by nearly 25 percent this year, while its plantation estates will expand by an additional 5,000 hectares, the company said on Tuesday.
The strong production rise is due to some plantations coming into peak yield, Ambono Janurianto, president director at the planter, told Reuters on Tuesday, while acreage will increase from the company's own landbank.
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