ITS CPO export up 6.25% to 1,361,766 tonnes for the period of 1~25 Aug 2011.|
SGS CPO export up 5.5% to 1,365,693 tonnes for the period of 1~25 Aug 2011.
Soybeans (Source: CME)
US soybean futures drifted lower amid profit-taking following strong recent gains. While supply worries have fueled a rally this month, there was little fresh news to extend gains, traders say. Profit-taking seen across the grains complex, as "the prices rally in all three pits met intermediate chart objectives," Farm Futures analyst Arlan Suderman says. Traders worried about the crop but say yields could still be strong given some timely rains in the next several days. Nearby soybean contracts will struggle to top $14, traders add. Sep soybeans end down 3 cents to $13.86 1/2 a bushel.
Soybean Meal/Oil (Source: CME)
Sep soymeal closed down $1.30, or 0.4%, to $367 per short ton. Sep soyoil ends up 0.16 cents at 55.78 cents per pound.
India Plans To Extend Edible Oil Imports (Source: CME)
India's food ministry plans to extend a program to import one million tons of edible oil by state-run trading agencies for subsidized sales to the poor by a year, according to senior ministry officials. The plan to extend the program to Sept. 30, 2012 will need to be approved by a ministerial panel, which is expected to meet soon, one of the officials, who declined to be named, told Dow Jones Newswires. The move will let the world's top edible oil importer continue supplying cheap cooking oil to millions of poor families. The current program of subsidized edible oil imports will lapse on Sept 30. India's state-run trading agencies have been importing edible oil regularly on behalf of provincial government since July 2008 and selling them below cost for welfare programs. The federal government later reimburses the agencies for selling edible oil below cost.
"Usually the import program was extended in phases by six months in the past, but this time we want it to be extended by a year as it will help state governments plan better for imports," the second official said. The state-run trading agencies contracted to import around 360,000 tons of edible oil until the second week of August, of which nearly 200,000 tons has already been supplied to provincial governments, the official added. India meets more than half of its total edible oil requirement of about 15 million tons through imports from Indonesia, Malaysia, Argentina and Brazil. The country's total edible oil imports in the November-July period fell 4.4% from a year earlier to 6.10 million tons, according to the Solvent Extractors' Association of India. o address the vitamin A deficiency because more than half of the world's population depends on the grain to meet 80% of its food calorie requirement.
Palm oil slips on economic concerns, higher exports eyed
KUALA LUMPUR, Aug 24 (Reuters) - Malaysian palm oil futures edged lower on an uncertain global economic outlook and weaker commodity markets although hopes for strong export data curbed losses.
"The market is clearly following overseas developments but given that Malaysia is on holiday most of next week, we will see traders evening out their positions this week," said a dealer with a foreign commodities brokerage.
Siva Group in Cameroon $1.9 bln palm oil deal
YAOUNDE, Aug 23 (Reuters) - Biopalm Energy, a subsidiary of Singapore's Siva group will on Wednesday launch a 900 billion CFA Francs ($1,974 billion) palm oil investment project in the south of Cameroon, an official of the country's agriculture ministry said on Tuesday.
The 200,000 hectares greenfield project will be jointly developed with the Central African nation's National Investment Corporation, the official said, requesting not to be named.
Big corn sowings to cut Brazil's soy crop-Oil World
HAMBURG, Aug 23 (Reuters) - Brazil's 2012 soybean crop will be smaller than expected as farmers will plant more corn to cash in on high prices, Hamburg-based oilseeds analysts Oil World forecast on Tuesday.
Brazil, the world's No.2 soybean producer after the United States, is likely to harvest 73.3 million tonnes of soybeans in early 2012, Oil World estimates. This is below the 73.5 million tonnes Oil World forecast on Aug. 2 and below Brazil's record 75.04 million tonne harvest in early 2011.
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