Wednesday, October 19, 2011

20111019 1004 Soy Oil & Palm Oil Related News.

Soybeans (Source: CME)
US soybean futures close lower as market participants take profits following strong gains last week. Traders say they unwound spread trades, in which they were long soybeans and short corn or wheat. That pressured soybeans and helped boost the grains, which finished slightly higher. Still, soybeans finished off session lows on an improving demand outlook. CBOT November soybeans slipped 2 1/4c to $12.50 3/4 a bushel.

Soybean Meal/Oil (Source: CME)
CBOT December soyoil drops 0.2c to 52.70c/pound while December soymeal rises $1.30 to $324.30/short ton.

Euro zone, China data drag palm oil to one-week lows
KUALA LUMPUR, Oct 18 (Reuters) - Malaysian palm oil futures dropped to their lowest in a week on Tuesday as Europe's debt problems continue to fester and China reported slightly slower economic growth, raising concerns of slower commodity demand.
"It's all about the macro situation," said a trader with a foreign commodities brokerage.

China soy crushing capacity to hit 125 mln T by 2012 -CNGOIC
BEIJING, Oct 18 (Reuters) - China is seen expanding soy crushing capacity by 12.5 million tonnes in 2012 to 125 million tonnes, which will continue to spur imports of soybeans by the world's top soy buyer, an official think-tank said on Tuesday.   Soy processing capacity this year is likely to increase by 17.5 million tonnes, which can either process soybean or rapeseed, the China National Grain and Oils Information Centre (CNGOIC) at a report. Earlier the centre had expected an increase of 12.3 million tonnes of soy capacity for this year.

Brazil new and old crop soybean sales - Celeres
SAO PAULO, Oct 17 (Reuters) - Sales of Brazil's 2011/12 soybean crop rose to 28 percent of the total expected production of 75.2 million tonnes, up from 26 percent a week earlier, analysts Celeres said on Monday.
Producers have begun to plant the new crop widely across the center-west and southern soy belt, where heavy rains spread over the past weeks and will now taper off for a several days.

Weather points to record Paraguay soy crop-industry
ASUNCION, Oct 17 (Reuters) - Paraguay could produce a record soy crop of between 8.5 million and 9 million tonnes this season due to forecasts for more rains than expected over the next few months, an industry official said on Monday.
Farmers in the world's No. 4  soybean exporter had feared that dry weather related to the La Nina weather anomaly could limit 2011/12 soy production.

Drenched Brazil soy fields to dry out - Somar
SAO PAULO, Oct 17 (Reuters) - A wave of rains drenched Brazil's soy belt over the past several days, which will favor planting as skies clear this week, local forecasters Somar said on Monday.
After a slow start to rains over Brazil's main center-west soy producing states, showers pushed into the region over the past week with greater consistency, bringing ample moisture to some regions.

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