Soybeans (Source: CME)
US soy futures end slightly higher, bucking the downward trend in grains, as dry Argentina forecasts underpin prices. While the situation in South America is far from dire, traders say dry weather forecasts bear watching since the size of the crop there will have a big impact on demand for US soybeans. "It boils down to South American weather. If they have it, they ship it," says Dave Marshall, an independent commodity advisor. Soybean gains were limited Wednesday by the dollar's strength and worries about Europe. CBOT January soy ends up 1 1/2c at $11.31/bushel.
Soybean Meal/Oil (Source: CME)
Soy products following the soybean market higher, with December soymeal rising $1.50 to $283.70/short ton and soyoil adding 0.26c to 50.24c/pound.
Palm oil perks up on firm crude, weather
KUALA LUMPUR, Dec 7 (Reuters) - Malaysian palm oil futures edged higher as crude oil prices of well above $100 a barrel raised the appeal of the edible oil's use in biofuels at a time when heavy rains are disrupting some supply.
"The market had come off a little in the past few days and it is holding up at 3,100 ringgit due to the strength in other commodities markets, especially crude oil," said a trader with a foreign commodities brokerage in Kuala Lumpur.
Canada bets on India's middle class to boost canola oil exports
BANGALORE, Dec 6 (Reuters) - Canada's canola oil exports to India are expected to double in the next 4-5 years as the country's burgeoning middle class opts for healthier edible oil options, said an executive of the Canola Council of Canada.
"A big piece of India that has changed in the last few years has been the growing middle class that has both the means and health awareness to purchase a product like canola oil," Cory McArthur, vice president of market development for the Canola Council of Canada, told Reuters.
China's soy imports may rise near term- Oil World
HAMBURG, Dec 6 (Reuters) - China may raise soybean purchases in coming weeks as Chinese inventories remain low, Hamburg-based oilseeds analysts Oil World said on Tuesday.
U.S. soybean prices firmed last week following trade talk of new Chinese purchases.
Malaysia's Nov palm oil stocks likey to fall for second month
KUALA LUMPUR, Dec 7 (Reuters) - Malaysian palm oil stocks likely fell for a second consecutive month in November, with the decline in production outpacing the drop in exports, a Reuters survey of seven plantation houses showed.
Stocks in the world's No.2 producer of the edible oil probably dropped 6.7 percent to 1.96 million tonnes from 2.1 million tonnes in October, the survey showed, with the pace of the decline rising but staying well below double-digits thanks to strong imports.
Palm investors could be burnt by fretting over La Nina
NUSA DUA, Indonesia Dec 6 (Reuters) - Malaysian palm oil prices have risen too far too fast and a dramatic fall awaits as traders focus on expectations of stellar output after the first quarter of 2012, while milder than expected La Nina weather promises fewer disruptions than usual.
Malaysian palm futures jumped almost 20 percent over the two months to early November as markets quickly priced in a weather premium over fears that yields could be hurt by the arrival of a La Nina as Southeast Asian producers enter the monsoon season in the fourth quarter.
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