Tuesday, October 4, 2011

20111004 1010 Soy Oil & Palm Oil Related News.

Soybeans (Source: CME)
US soybean and product futures end slightly lower, with beans managing to bounce back from an early slide to nearly 1-year lows. Fund liquidation pressured prices initially, but once exhausted, bargain-hunting surfaced. Futures pushed higher through midday, but ongoing concerns about global economic risks and seasonal harvest pressure capped advances, triggering late-session profit taking. CBOT November soy ended down 1 1/2c at $11.77 1/2 a bushel.

Soybean Meal/Oil (Source: CME)
December soymeal fell $1.60 to $307/short ton and December soyoil dropped 0.21c to 50c/pound.

Palm oil hits new one-year lows on economic woes
KUALA LUMPUR, Oct 3 (Reuters) - Malaysian palm oil futures tumbled to fresh one-year lows on concerns that the euro zone's deepening debt crisis will stall global growth and commodity demand.
"The market has really gone down more than it should have purely because of the weak economic outlooks," said a trader with a foreign commodities brokerage in Kuala Lumpur.

Wave of rains heads for Brazil main soy belt -Somar
SAO PAULO, Sept 30 (Reuters) - Planting of Brazil's new soybean crop will spread quickly across the No.1 growing state of Mato Grosso, now that forecasters have projected several days of widespread rains over the main center-west grain belt.
The series of cold fronts that will wash over the region should mark the end of the traditional dry season and unleash widespread planting of Brazil's new soy and corn crops that will be harvested in the first half of 2012.

India may make refined palm oil import costlier -sources
NEW DELHI, Sept 30 (Reuters) - India, the world's top buyer of vegetable oils, is likely to make imports of refined palm oil costlier by raising their base price, government and trade sources said, responding to tax changes by Indonesia that have put at risk the survival of Indian refiners.
But the government is unlikely to make any changes in the import duty of 7.7 percent levied on refined palm oil for fear of stoking already high inflation, especially during the festive season, when demand for edible oils is higher.

Indonesia, India may explore palm oil, rice pact
JAKARTA, Sept 30 (Reuters) - Indonesia and India discuss trade next week with rice and edible oils likely to be on the agenda as Jakarta faces cuts in supplies of the grain from Thailand and New Delhi considers retaliation for a hike in crude palm oil prices.
India, the world's biggest buyer of vegetable oils, is sending Trade Minister Anand Sharma to visit Jakarta, capital of the world's biggest palm oil producer, on Tuesday, barely a month after Indonesia moved to boost its refined palm oil exports by reducing taxes on the product, and hiking tariffs on crude palm oil.

Crude palm oil (CPO) futures fell to its lowest in almost a year with the  benchmark CPO for three-month delivery falling RM60 to RM2,845 a tonne.  While the drop in CPO was anticipated due to losses in soybean prices on the  Chicago Board of Trade, dealers said basically, speculators had reduced their  positions, driven by a weak trend in overseas markets.
  • Another palm oil trader said the sharp sell-down did not quire make  sense and it was not justifiable in spite of the softening in soybean  trading. However, he said there could be a further decline in palm oil  prices on weaker demand for soybean amid increased soybean supplies.  (Starbiz) 

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