Wednesday, March 23, 2011

20110323 0857 Soy Oil & Palm Oil Related News.

Soy Oil chart reading : side way range bound little downside biased.


Soybeans (Source: CME)
US soybean futures finish slightly higher as concerns about plantings spark a recovery from early losses. Market participants are nervous farmers won't sow enough acres this spring to replenish tight supplies, says Sid Love, analyst for Kropf & Love Consulting. Traders are reluctant to sell too aggressively before the USDA issues plantings estimates March 31. "We still don't know what the acres are," Love notes. CBOT May soybeans rise 2 1/2c to $13.65 1/2 a bushel.

Soybean Meal/Oil (Source: CME)
Soymeal closes flat at $366.40/short ton and soyoil slips 0.02c to 55.86c/pound.

Argentina: 16 Arrest Warrants For Tax Evasion On Grain Sales (Source: CME)
Argentina has issued arrest warrants against 16 individuals for alleged black-market sales of soybeans and corn worth about 430 million pesos ($108 million), the national tax agency Afip said. The individuals involved were not named. The new arrest warrants are in addition to eight previously issued for an alleged conspiracy to avoid taxes on 650,000 metric tons of grain sales through a network of shadow companies, Afip said. The charges follow an investigation conducted by Afip agents in Cordoba and Mendoza provinces. The illicit network allegedly grew at a rapid pace in recent years, incorporating two grain silo and processing plants, two poultry production farms, and 70 long-haul trucks and imported cars for the individuals involved, Afip said. The operation also involved grain exports to Chile, according to the agency.
Afip has launched a host of investigations against the farm sector -one of the country's most important industries- amid accusations by the government of widespread tax evasion. Afip has accused a number of the leading grain exporters of dodging taxes by triangulating their operations through overseas companies and other moves to avoid booking profits to their local units.

Palm oil drops 3.7 pct on output prospects, stronger ringgit
KUALA LUMPUR, March 22 (Reuters) - Malaysian palm oil tumbled 3.7 percent as investors unwound positions on expectations of higher production this month and a stronger ringgit hurting refining margins.  "The fundamentals are turning bearish. Production is set to jump this month and demand is not reacting in the same time. The stronger ringgit just squeezes margins," said a trader with a foreign commodity brokerage.

China March soy imports seen up at 3.9 mln T-MOFCOM
BEIJING, March 22 (Reuters) - China's commerce ministry has revised the country's soy imports in March to 3.9 million tonnes, up from earlier estimates of 3.65 million tonnes.
The March figure is 68 percent higher than imports in February, when imports fell to the lowest since November 2008, due to poor crushing margins. Beijing has taken a series of measures to cool domestic prices of edible oils.

ADM to expand Canada canola plant
WINNIPEG, Manitoba, March 21 (Reuters) - ADM Agri-Industries, a subsidiary of U.S. agrifood company Archer Daniels Midland , said on Monday it will double seed receiving and storage capacity at its canola-processing plant in Lloydminster, Alberta.
The expansion is the most recent in a series of moves by crushers that reflects strong demand for the oilseed, which is Canada's second-biggest crop after spring wheat.

Rain returns to plague Brazil soy harvest
SAO PAULO, March 21 (Reuters) - After a few dry days last week, rains have returned to foil Brazilian soybean farmers' efforts to harvest the new crop, independent forecasters Somar said on Monday.
Brazil is in the peak of what looks like a record harvest of roughly 70 million tonnes of soybeans, but rains in the last month have been slowing harvest and in some cases have caused losses due to flooding in mature fields before harvest.

Argentine gov't sees soy crop at 50 mln tonnes
BUENOS AIRES, March 21 (Reuters) - Argentina's 2010/11 soy output should be 50 million tonnes, the Agriculture Ministry said on Monday in its first official estimate for production of the oilseed in the world's No. 3 supplier.
The South American country is also the world's biggest exporter of soyoil and soymeal. Farmers have started to bring in beans planted on a sowing area of 18.6 million hectares.

Argentine gov't sees soy crop at 50 mln tonnes
BUENOS AIRES, March 21 (Reuters) - Argentina's 2010/11 soy output should be 50 million tonnes, the Agriculture Ministry said on Monday in its first official estimate for production of the oilseed in the world's No. 3 supplier.
The South American country is also the world's biggest exporter of soyoil and soymeal. Farmers have started to bring in beans planted on a sowing area of 18.6 million hectares.

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