Wednesday, March 9, 2011

20110309 1207 Soy Oil & Palm Oil Related News.

Reuters : 
Dorab Mistry 
  • Conceivable that palm oil may test RM4,000 in next few weeks on tight stocks, higher energy prices and demand.
  • RM3,000 will act as a price floor for palm oil in 2011.
  • Indonesia palm oil output seen 1.5 million higher at 24 million tonnes in 2011 VS 2010.
  • Malaysia palm oil output seen at 17.3 million tonnes in 2011 VS 17 million tonnes in 2010.
  • India vegetable oil output to rise 11.3% to nearly 7 million tonnes in year to Oct 2011.
  • India vegetable oil import to fall 4.8% to 8.8 million tonnes, first time in 10 years.
James Fry :
  • Indonesia Palm Oil export tax is "Distorting the flow to the market"
  • It would be "Remarkable" if Malaysian palm oil output in 2011 were not better than 2008.

Soy product futures retreated in unison with soybeans futures, succumbing to selling pressure from broader based selling throughout the gain and oilseed complex Tuesday, analysts said. Soymeal for May delivery fell $3.00, or 0.8%, to $360.40 per short ton at the CBOT. Soyoil for May delivery lost 0.62 cent, or 1%, to 58.48 cents a pound. (Source: CME)

Indonesia's weather agency says dry season to start May - June
JAKARTA, March 8 (Reuters) - Indonesia's dry season will start in most areas around May-June, earlier than the previous forecast of July and offering a timely boost to the country's agricultural and mineral sectors, the weather bureau said on Tuesday.
The dry season normally runs from April to Sept/Oct, but the country is in the middle of a wetter-than-expected rainy season that has affected plantation crops and could hit resource exploitation.

Palm oil tumbles on weak crude, better soy prospects
KUALA LUMPUR, March 8 (Reuters) - Malaysian crude palm oil dropped as much as 3.4 percent as a rally in crude oil lost some steam, while prospects of a strong South American soy crop also weighed on sentiment.  "The market tends to fall before the price outlook but the decline was amplified by the movements in soy and crude oil," said a trader with a local commodities brokerage.

Indonesia, Malaysian palm output seen above 40 mln tonnes on yields
KUALA LUMPUR, March 8 (Reuters) - Palm oil production in Indonesia and Malaysia, the world's top two suppliers, will stay above 40 million tonnes per annum this year on improving yields, said a leading agronomist on Tuesday.
Combined output in Indonesia and Malaysia will rise to 40.7 million tonnes this year and rise to 43. 7 million tonnes in 2012 as erratic weather patterns fade, said Ling Ah Hong, a director with plantation firm Ganling.

Malaysia to subsidise palm-oil based biofuel at the pump-sources
KUALA LUMPUR, March 8 (Reuters) - Malaysia will subsidise palm oil-based biofuel at the pump to keep the price at the same level as petroleum diesel, two industry sources with knowledge of the plan told Reuters on Tuesday.
The world's No. 2 palm producer appears to be reviving its biodiesel industry as palm oil output is set to recover, keeping biofuel feedstock prices competitive and potentially presenting less of a subsidy burden for the government.

USDA set to lift US soy stocks, 1st in 11 months
CHICAGO, March 7 (Reuters) - For the first time in 11 months, the U.S. Department of Agriculture this week is expected to raise its forecast of U.S. soybean ending stocks, due a slowdown in domestic usage, analysts said.
USDA has cut its estimate or left it unchanged each month since it released its first forecast of 2010/11 soy ending stocks last May. USDA was scheduled to release its March supply/demand reports on Thursday.

Palm to normalise discount to soyoil in Q3 2011
KUALA LUMPUR, March 7 (Reuters) - Refined palm olein could normalise its discount to competing soyoil in the third quarter of this year as crude palm oil production recovers from a string of erratic weather events, a top industry analyst said on Monday.
The price relationship between the two vegetable oils that compete for use in cooking oil has been unusual for the past two years owing to weak palm oil production in Malaysia, the world's No.2 supplier.

India vegoil imports to rise 5 pct/yr till 2016-Godrej Inds
KUALA LUMPUR, March 7 (Reuters) - India's imports of vegetable oils will rise 5 percent annually  for the next five years, industrial chemicals maker Godrej Industries  said on Monday, adding it would buy 10 percent more palm oil in 2011.
Indian imports of palm oil, soyoil and sunflower oil last year, were 9.2 million tonnes and are seen dropping to 9.0 million tonnes in 2011 on improving domestic output, an industry association said earlier on Monday.

No comments: