Monday, April 18, 2011

20110418 1013 Soy Oil & Palm Oil Related News.

Soy Oil chart reading : side way range bound.

Soybeans (Source: CME)
US soybean futures end mixed, with nearby contracts stabilizing after a week of large declines. Traders viewed recent bearish news as adequately factored into prices. Traders reduced some risk exposure ahead of the weekend, with a fresh new crop export sale to China limiting losses in new crop futures, despite the threat of corn seeding delays leading to additional soy acres, analysts said. Soybeans for May delivery ended up 3/4 cents, or 0.06%, at $13.31 3/4 a bushel at CBOT. The New crop November contract dropped 5 1/2 cents or 0.4% at $13.39 3/4.

Soybean Meal/Oil (Source: CME)
Soy-product futures end higher, with soymeal continuing to rebound from prior losses on end-of-week position evening and a pickup in export demand. Soyoil ended lower, unable to shrug off weakness in world vegoil markets, despite a bounce in crude oil futures. CBOT May soymeal ended $2.70c or 0.8% higher at $345.70/short ton; May soyoil fell 0.05% to 56.84c/pound.

Snickers-Noodles Surge Drives Cooking-Oil Stocks to 1974 Low (Source: Bloomberg)
At a time when consumers are focused on near-record food costs after grain and meat prices surged, stockpiles of edible oils needed to make everything from noodles to fish sticks are dropping to a three-decade low. The combined stocks of nine oils will plunge 25 percent to 9.39 million metric tons this year, or about 23 days of demand, the fewest since 1974, the U.S. Department of Agriculture estimates. Palm oil prices will climb as much as 24 percent to 4,000 ringgit ($1,324) a ton by Dec. 31, based on the median in a Bloomberg survey of 11 analysts and traders. While the global population expanded 85 percent in the past four decades, consumption of edible oils increased almost ninefold as incomes rose, people moved to cities and demand for processed foods jumped. The World Instant Noodles Association says sales of the product invented in 1958 now exceed 90 billion servings a year.
The anticipated rally, which may quicken should flooding return to plantations, will stoke inflation that caused central banks from Brazil to China to raise interest rates.

Palm oil perks up after three days of losses
KUALA LUMPUR, April 15 (Reuters) - Malaysian palm oil rose after three days of losses due to strength in global commodity markets although uncertainty reigned over a cargo surveyor's estimate that pointed to a much steeper export decline.  "The markets rose a little as there was some concern that it has been oversold," said a trader with a foreign commodities brokerage.

Brazil soy harvest seen dry in final leg - Somar
SAO PAULO, April 14 (Reuters) - Brazil's main soybean belt is mostly clear and sunny, forecaster Somar said on Thursday, as the harvest of a record 70 million to 72 million tonne crop enters the final stretch.
But a burst of showers is due to push into the southernmost soy state Rio Grande do Sul starting Thursday, which could slow harvest in some areas of the No. 3 soy producer state, Somar said in a daily weather bulletin.

Argentine soy, corn output seen higher-exchange
BUENOS AIRES, April 14 (Reuters) - Argentina's 2010/11 soy harvest is expected to come in at 49.2 million tonnes, up from a previous prediction of 48.8 million tonnes, the Buenos Aires Grains Exchange said on Thursday.
"The harvest of the first plots in northwestern and northeastern parts of the country promises very high production," the weekly report said.

Brazil soy crop seen record 72.5 mln T - Safras
SAO PAULO, April 14 (Reuters) - Brazil's 2010/11 soybean crop forecast will likely be raised to a record 72 million to 72.5 million tonnes from 71.6 million tonnes seen in late March, Safras e Marcado consultants said on Thursday.
Losses due to excess rain in Mato Grosso do Sul and Goias ended up being less than estimated in Safras' latest forecast, released two weeks ago, said chief analyst Flavio Franca.

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