Tuesday, September 13, 2011

20110913 1000 Soy Oil & Palm Oil Related News.

Soybeans (Source: CME)
US soybean futures slump to two-week lows, as investors reduced exposure after government forecasters unexpectedly raised production and supply estimates. Traders corrected prices, with investment funds trimming some long positions previously established on anticipation of a smaller crop forecast from USDA, analysts say. Larger global supply forecasts, sluggish US export demand and the negative influence of external financial markets amid fears of European debt issues helped pin prices lower. CBOT Nov soy dropped 30 3/4c or 2.2% at $13.96/bushel.

Soybean Meal/Oil (Source: CME)
Soy product futures tumble in unison with slide in soybean futures. Larger soybean supply forecasts, combined with larger soyoil and soymeal inventory estimates eased concerns about tighter supplies, encouraging traders to trim risk premium from the market, analysts say. CBOT Dec soyoil dropped 1.6% to 57.75 cents/pound, and Dec soymeal fell 2.5% to $365.80/short ton, a 3-week low.

Palm oil firms ahead of USDA report
JAKARTA, Sept 12 (Reuters) - Malaysian palm oil futures traded near one-month highs, supported by comparable vegetable oils, and investors positioned themselves ahead of key industry d ata from the United States.
"The market today is pretty firm," said a Kula Lumpur-based trader. "Everyone expected the market to be down but it's going up.

Brazil maintains 10/11 soy forecast at 75.3 mln T
SAO PAULO, Sept 9 (Reuters) - Brazil's 2010/2011 soy crop is expected to reach 75.3 million tonnes, government crop agency Conab said on Friday, in line with last month's forecast and on track to beat last season's record harvest.
Brazil, the world's second-largest producer and exporter of soy, brought in 68.7 million tonnes of soy last season.

China eyes nearly half of Q4 soy from South America
SINGAPORE, Sept 9 (Reuters) - China is expected to ship nearly half of its soy imports from Brazil and Argentina in the fourth quarter on competitive offers from South America, which is sitting on plentiful stocks after this year's bumper harvest, traders in Asia said.
The world's top soybean buyer is expected to take up to 7 million tonnes of soy from Brazil and Argentina in the October-December period from a total estimated import demand of 15 million tonnes, compared with around 5 million tonnes shipped a year ago, Singapore-based traders who supply directly to China said.

Indonesia's refined palm oil tax redraws landscape
KUALA LUMPUR, Sept 9 (Reuters) - Lower taxes on refined edible oil exports from top crude palm oil producer Indonesia are set to boost cooking oil supplies in the region, eroding margins for rival Malaysia and making cargoes cheaper for Asian buyers.
For decades, refined, bleached and deodorised (RBD) palm olein used in cooking oil enjoyed premiums of 5-10 percent over crude palm oil futures  as No.2 producer Malaysia was the sole supplier with tax free exports and massive processing capacity.

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