Thursday, September 15, 2011

20110915 1038 Soy Oil & Palm Oil Related News.

Indonesia export up 13.1% to 1,183,095 tonnes for the month of Aug 2011 vs Jul 2011 (industry source)

ITS CPO export down 32% to 648,343 tonnes for the period of 1~15 Sep 2011.
SGS CPO export down 31% to 652,766 tonnes for the period of 1~15 Sep 2011.

Malaysia's palm oil exports forecast for this year is raised again to RM80bn, which will  be a new record, thanks to higher average palm oil  prices and improved global demand.  "Global demand for palm oil continues to be strong. India and China have been buying  more palm oil. Africa has also placed more orders for Malaysian palm oil," said Malaysian  Palm Oil Council chairman Datuk Lee Yeow Chor. He reiterated MPOB's 18.3m tonnes  CPO output forecast for this year. (BT)

Soybeans (Source: CME)
US soybean futures finish lower for the third consecutive day, extending losses on increased harvest expectations. The market has taken a dive since USDA unexpectedly raised its forecasts for output and inventories. "I think the beans here are going to turn out okay," Jack Scoville of Price Futures Group says about the US crop. Concerns about poor demand added pressure, as a sale of 106,000 tons to China failed to shake off worries. CBOT November soybeans drop 9c to $13.82 3/4 a bushel.

Soybean Meal/Oil (Source: CME)
Soyoil also slides, ending down 0.53c at 57.10c/pound in the December contract. December soymeal edges up 70c to $363.40 per short ton.

Palm oil dips to one-week low on soy outlook
JAKARTA, Sept 14 (Reuters) - Malaysian palm oil futures touched a one-week low , as a bigger-than-expected soybean crop outlook in the United States weighed on prices, with falling crude also hitting sentiment.
"The USDA report set the negative tone in the market," said a dealer in Kuala Lumpur. "Soy was helping palm to hold pretty well, but as we all know, the USDA report was rather bearish."

Argentine 2011/12 soy crop seen at 52-53 mln T
ROSARIO, Argentina, Sept 13 (Reuters) -  Argentina's 2011/12 soy harvest is expected at 52 million to 53 million tonnes and this season's corn crop is seen at about 30 million tonnes, Agriculture Secretary Lorenzo Basso told Reuters on Tuesday.
Argentina is the world's No. 1 exporter of soyoil and soymeal, as well as the third-largest global supplier of soybeans. The South American country is also the No. 2 corn exporter after the United States.
"(During the 2011/12 season) corn production will be around 30 million tonnes and soy will be between 52 and 53

US soy at risk of damage from forecast freeze
CHICAGO, Sept 13 (Reuters) - A crop-damaging freeze was expected in the U.S. Midwest this week, raising more concerns about the harvest potential of crops that have suffered through adverse weather conditions since spring planting.
The immature soybean crop in the Midwest was most at risk to damage from the cold snap, which was forecast to arrive about two to 2-1/2 weeks earlier than usual.

EU-27 2011/12 rapeseed output to hit 4-yr low-Oil World
AMSTERDAM, Sept 13 (Reuters) - Rapeseed output in Europe will hit a four-year low in 2011/12, making the bloc more dependent on imports from Ukraine, Australia and Canada, German-based analyst Oil World said on Tuesday.
In its weekly report, Oil World revised down its forecast for 2011/12 EU-27 rapeseed output to 18.7 million tonnes, representing a decline of nearly 8 percent from the 2010/11 actual output of 20.3 million tonnes.

Early frost comes early in China's soy, corn area
BEIJING, Sept 13 (Reuters) - Early frost was forecast this week in parts of China's northeast area, the country's largest corn and soybean region, one week earlier than in normal years, triggering concerns over possible damage to corn and soy crops.
China Meteorological Administration forecasted that early frost would occur in parts of northwestern Helongjiang province, the country's largest soy area as well as northeastern parts of Inner Mongolia from Tuesday to Thursday.

Malaysian palm exports to suffer after Indonesia cuts taxes
KUALA LUMPUR, Sept 14 (Reuters) - Malaysia's palm oil exports for the rest of 2011 will be flat at best with a negative outlook for next year as refiners are at a price disadvantage after No.1 producer Indonesia slashed refined palm olein export taxes, a top industry official said.  
Palm Oil Refiners Association of Malaysia (PORAM) Chief Executive Mohammad Jaaffar Ahmad said Indonesia's tax change from Sept. 15 will cut production costs for Indonesian refiners, who could enjoy a price advantage of $72-$129 a tonne.

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