Soy product futures ended lower, succumbing to profit taking following Friday's price spike in unison with soybeans. Soyoil futures garnered further price pressure from overnight weakness in world vegoil markets, analysts said. CBOT May soyoil ended 0.25 cents or 0.4% lower at 57.33 cents per pound, and May soymeal traded $2.80 or 0.8% lower at $361.90 a short ton. (Source: CME)
Rising biofuel demand lifts palm oil
KUALA LUMPUR, Feb 28 (Reuters) - Malaysian palm oil rose 1.2 percent as key U.S. report signalled growing demand for biofuel with competing crude oil markets climbing although the vegetable oil is set for its worst monthly loss in more than a year.
"In the long terms, prices of global vegetable oils will be bullish as production for soy and palm oil this year might not keep up with the strong demand," said an oil analyst in Shanghai.
Sime eyes $2.5 bln oil palm expansion deal in Cameroon-FT
KUALA LUMPUR, Feb 28 (Reuters) - Malaysia's Sime Darby is considering a $2.5 billion plantation expansion deal in Cameroon, the Financial Times reported on Sunday, signalling the global grab for land is well underway as food prices soar.
The Financial Times quoted Sime Darby Chief Executive Mohd Bakke Salleh as saying the project in the West African state will involve 300,000 hectares (741,300 acres) of oil palm estates although discussions have so far led to "nothing conclusive."
Malaysia needs to step up palm oil replanting -Unilever
JAKARTA, Feb 25 (Reuters) - Malaysian palm oil producers should replant ageing and low yielding estates or risk declines in production in coming years, the world's top palm oil buyer Unilever said on Friday.
Malaysia, the world's no. 2 producer, was expected in 2011 to produce above last year's 17.5 million tonnes of palm oil, but heavy rains and flooding have hurt output in recent months.
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