Wednesday, July 20, 2011

20110720 1142 Soy Oil & Palm Oil Related News.

ITS CPO export up 5.35% to 1,021,729 tonnes for the period of 1~20 Jul 2011.
SGS CPO export up 5.7% to 1,028,352 tonnes for the period of 1~20 Jul 2011.

Soybeans (Source: CME)
US soybean futures end lower, backpedals from earlier gains on less-threatening weather and speculative profit-taking. Soy crop still a few weeks away from its critical yield development phase, and with midday forecasts adding some rain in longer range outlooks, traders were nervous of sustaining long positions at historically high prices, analysts say. Market is fearful that a shift in weather could abruptly change price trends, encouraging traders to book some profits, says Sterling Smith, analyst with brokerage Country Hedging. CBOT Nov soy end down 4 1/4c at $13.82/bushel.

Soybean Meal/Oil (Source: CME)
Soy product futures end mixed, with late declines in soybeans weighing on both soyoil and soymeal futures. Soymeal managed to hold onto modest gains, supported by domestic feed demand, while soyoil dropped with soy on ample supplies and sluggish export demand, analysts say. CBOT Dec soymeal finish up 0.1% at $365.00/short ton; Dec soyoil down 0.4% at 57.57c/lb.

China Said to Have Kept Cooking-Oil Price Caps as Inflation Accelerates (Source: Bloomberg)
China, the world’s biggest consumer of vegetable oils, is maintaining caps on prices and hasn’t announced plans to sell from state stockpiles, according to two people briefed on the government’s policy. The government controls prices through private accords with suppliers, said the people, who declined to be identified because they aren’t authorized to speak to the media. The caps have been removed, the Quanzhou Evening News reported July 17, citing an unidentified government official. A call to the newspaper seeking comment yesterday wasn’t immediately returned. “The government clearly has no intention to loosen its grip on the market,” said Tommy Xiao, an analyst at Shanghai JC Intelligence Co. Inflation in China has breached the government’s 4 percent ceiling every month this year, with consumer prices rising 6.4 percent in June from a year earlier, the fastest pace in three years. The central bank raised interest rates five times since October to stem the gains.

Palm oil near 1-wk lows on debt woes, high stocks
KUALA LUMPUR, July 19 (Reuters) - Malaysia palm oil futures dipped on Tuesday as concerns over default threats in the U.S and Europe hitting global demand weighed although losses were limited by hot weather hitting U.S. grains crops.
"The sovereign debt problems are still lingering on people's mind, there's no impetus to move the market," said a trader with foreign brokerage in Kuala Lumpur.

No comments: