Friday, April 8, 2011

20110408 0937 Soy Oil & Palm Oil Related News.

Soy Oil chart reading : correction range bound little upside biased.

Soybeans (Source: CME)
US soybean futures end lower, retreating after early gains following reports of another earthquake in Japan. The strong quake reignited worries about the ongoing disaster and its possible effect on the economy as well as commodity demand, analysts say. Traders are also positioning ahead of Friday's USDA supply and demand report, which gave the market early strength. But traders are expecting just minor cuts to projected soybean supplies. May CBOT soybeans close down 13 cents, or 0.9%, to $13.63 1/2 per bushel.

Soybean Meal/Oil (Source: CME)
US soy products end lower in tandem with losses in soybeans, as another earthquake in Japan fuels worries about the world economy and commodity demand. Markets retreated during the session on news of the quake. Traders are awaiting a supply and demand report Friday that will give a fresh look at soybean demand and is expected to be mildly supportive to prices. May CBOT soyoil closed down 0.46 cent, or 0.8%, to 58.32 cents per pound while May soymeal closed down $4.70, or 1.3%, to $350.90 per short ton.

Growing Malaysian supply pressures palm oil
Malaysia palm oil futures fell 1.5 percent as traders keep their focus on higher March production of the tropical although some market players point to improving demand this month. A Reuters survey showed plantations are looking at Malaysian palm oil stocks hitting a 3-month high in March and double-digit production growth as yields recover after two years of lacklustre growth."The MPOB report is likely to be bearish. We will see higher production and weaker exports," said a trader in the Malaysian capital.

Palm oil body criticises Malaysia's IOI for environment, social damage
KUALA LUMPUR, April 7 (Reuters) - An industry body for eco-friendly palm oil has censured Malaysia's second largest palm oil planter, IOI Corp , alleging it has drained peatlands and felled forests on Borneo island to expand and that it could face further sanctions.
"This ruling reinforces RAN's demand that Cargill institute basic safeguards on its supply chain to ensure it is not selling palm oil from stolen indigenous lands to American consumers," said Lindsey Allen, RAN forest programme director.

Canada oilseed output seen at 9 mln tonnes-attache
WASHINGTON, April 6 (Reuters) - Following are selected highlights from a report issued by a U.S. Department of Agriculture attache in Canada:"Expectations that Canadian farmers will seed a record amount of canola in 2011/2012 are forecast to boost Canada's total oilseed production to nearly 9 million tonnes, 11 percent above 2010/2011 production. Large crops, prospects of good prices, and increased crush capacity are expected keep crush at the high levels being experienced in 2010/2011. Total crush in 2010/2011 is expected to reach 7.5 million tonnes. High production will continue to support oilseed, meal and oil exports in 2011/2012. A reduction to normal yields is forecast to increase imports of soybeans in 2011/2012."

Brazil soy yields, area point to record output-govt
SAO PAULO, April 6 (Reuters) - Brazil's soybean crop surged deeper into record territory in the government's seventh forecast, as improved yields and greater planted area more than offset losses due to excess rains in some states.
Brazil's 2010/11 soybean crop is seen at a record 72.2 million tonnes, up sharply from a forecast of 70.3 million tonnes in March, government crop supply agency Conab said on Wednesday.

Malaysia's March palm oil stocks hit 3-month high
KUALA LUMPUR, April 7 (Reuters) - Malaysia's palm oil stocks likely hit three-month highs in March as a strong recovery in production outstripped weak growth in overseas demand, a Reuters survey showed on Thursday.
Inventories in the world's No. 2 producer probably rose 5.4 percent to 1.56 million tonnes from February, marking the highest level since last December, the median survey of five plantation houses found. 

No comments: