Monday, October 17, 2011

20111017 1017 Soy Oil & Palm Oil Related News.

ITS CPO export up 11.9% to 725,456 tonnes for the period of 1~15 Oct 2011.
SGS CPO export up 10.2% to 719,575 tonnes for the period of 1~15 Oct 2011.

Reuters : Indonesia's Sep 2011 Palm Oil exports down 20.7% at 938,558 tonnes vs 1,183,095 tonnes in Aug 2011 - Industry Source.

Soybeans (Source: CME)
US soybean futures rallied near a three-week high, fueled by optimistic price outlooks amid fundamentally supportive supply estimates. Traders extended the market's recovery from harvest lows, continuing to digest fundamentally favorable crop data from government forecasters, analysts say. Solid demand, with firm cash basis levels amid slow farmer sales of newly harvested inventories, attracted buyers. Meanwhile, the longer outlook is supportive as well, with analysts expecting soy to outperform corn prices in coming months to secure sufficient 2012 acreage or achieve demand destruction in the face of lower supplies. CBOT Nov soy end up 13c at $12.70/bushel.

Soybean Meal/Oil (Source: CME)
Soy product futures end higher, with soyoil finishing at three-week highs. Soyoil advances were fueled by a NOPA soybean crush report revealing smaller-than-expected soyoil inventories in September, analysts say. Tight supply outlook buoyed prices, with traders also encouraged by strong apparent demand for soyoil used in biodiesel production and spillover support from sharply higher crude oil futures, analyst add. CBOT Dec soyoil end up 1.10c or 2.1% at 53.54c/lb; Dec soymeal finished up 90c or 0.3% at $327.60/short ton.

Palm oil gains 1 percent, buoyed by exports
JAKARTA, Oct 14 (Reuters) - Malaysian palm oil futures climbed to a near two-week high on Friday, supported by positive export expectations and other edible oils, although gains were capped by the uncertain economic outlook.
"Little direction but slightly higher," said a Kuala Lumpur-based trader. "Tomorrow's exports should be slightly higher than last month, and then you have the Dalian up.

India Sept vegoil imports up 11.6 pct m/m
NEW DELHI, Oct 14 (Reuters) - Festive demand and lower global prices drove up India's monthly vegetable oil imports by more than 11 percent to 912,341 tonnes in September, a leading trade body said on Friday, higher than the average forecast in a Reuters poll.  
But the imports in September were 5 percent lower compared with the year-ago period, said the Mumbai-based Solvent Extractors' Association of India in a statement.

China Sept soy imports down 11 pct on year at 4.13 mln T-customs
BEIJING, Oct 13 (Reuters) - China, the world's top soy buyer, imported 4.13 million tonnes of soybeans in September, down 11 percent from the year-ago period, and traders expected imports to pick up for the rest of the year as crushing margins improve.
September imports bought China's total imports in the first nine months of the year to 37.71 million tonnes, a fall of 6.1 percent from a year-ago period, according to figures released on Thursday by the General Administration of Customs of China.

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