Soy Oil chart reading : correction range bound downside biased.
ITS CPO export up 27.6% to 533,419 tonnes for the period of 1~15 May 2011.
SGS CPO export up 33.2% to 601,984 tonnes for the period of 1~15 May 2011.
Soybeans (Source: CME)
US soybean futures stumbled, as an initial push higher failed to gain traction after a rebound in the U.S. dollar guided prices lower on broader based speculative selling. The market garnered further pressure from slumping demand, with slower exports and a drop in domestic use adding to defensive tone, said John Kleist, analyst with ebottrading.com. Meanwhile, the threat of adverse planting conditions for corn, rice and cotton crops across parts of the central U.S. and Delta potentially leading to additional soybean acres added pressure as well. CBOT July soybeans settled down 13 1/4 cents or 1% at $13.29 1/2/bushel.
Soybean Meal/Oil (Source: CME)
Soy-product futures slide, backpedaling in unison with soybeans. The combination of a firmer US dollar attracting speculative selling and slowing demand amid competition from South American supplies provided further pressure to pin prices in negative territory, analysts said. CBOT July soymeal ended 2.2% lower at $345.40/short ton and July soyoil dropped 0.6% to 56.14c/pound.
Golden Agri-Resources 1st-Quarter Net Surges On Higher Crude Palm Oil Prices (Source: CME)
Golden Agri-Resources Ltd. (E5H.SG) said its first-quarter net profit grew sharply, boosted by a rise in crude palm oil prices and sales volume growth. Net profit for the three months ended March 31 was US$230.7 million, compared with US$88.5 million a year earlier, the company said in a statement to the Singapore Exchange. "The sterling results were supported by a 58% increase in average (freight-on-board crude palm oil) prices from US$765 per ton during the first quarter of last year to US$1,206 per ton during the first quarter of this year," the world's biggest palm planter by area under cultivation said in the statement. Revenue more than doubled to US$1.46 billion from US$624.5 million, largely due to the firm's Indonesia business more than doubling its contribution on higher crude palm oil prices and improved sales volume.
But this was partially offset by increased cost of sales and operating expenses, due mainly to higher raw material costs and export tax. "The outlook for the palm oil industry remains positive given its strong fundamentals, supported by continued core demand from the edible oil and oleo-chemical markets and the increasing demand from the renewable energy sector," the company said in the statement, adding it will "continue to focus on its long-term growth by expanding both its upstream and downstream business." The company, however, also flagged concerns over its China operations, where the environment "remains challenging in view of the volatility of commodity prices and government measures on domestic food prices."
Palm oil steady on demand hopes; China soyoil move eyed
JAKARTA, May 13 (Reuters) - Malaysian palm oil futures traded firmer as positive demand expectations supported prices, while investors mulled over the possible impact of a large Chinese purchase of rival soyoil. "Palm oil is oversold at the moment," a Kuala Lumpur-based analyst said. "In terms of inventory levels, it's not excessive.
China-Argentina soyoil deal may crimp demand for U.S Brazil supply
SINGAPORE/BEIJING, May 13 (Reuters)- China's deal to buy half a million tonnes of soyoil from Argentina will lower Beijing's demand on more expensive U.S.and Brazilian supplies.
The purchase, which amounts to around a third of China's 2010 soyoil imports of 1.34 million tonnes, could weigh on benchmark Chicago Board of Trade bean oil prices. The U.S. contract is already down nearly 4 percent this month on an improved supply outlook.
Parched EU rapeseed needs rain, crop losses feared
HAMBURG, May 12 (Reuters) - Rain is urgently needed by rapeseed in the European Union's main producing countries, and there are increasing signs the crop in top producer Germany has suffered significant drought damage, analysts said on Thursday.
Rain forecast for the weekend may be too late to save the German crop but could help French and British rapeseed farmers achieve a reasonable harvest of the oilseed, which provides Europe's main food vegetable oil supplies and is a signficant ingredient in biofuels.
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