Reuters :
Indonesia Trade ministry official keeps export tax for RBD Palm Olein at 8% for March 2012.
Indonesia Trade ministry official keeps export tax for Crude Palm Oil at 16.5% for March 2012.
Soybeans (Source: CME)
US soybean futures rally to new five-month highs, fueled by technical buying and strong underlying export demand. The soybean market is in the midst of a bullish uptrend, a feature attracting buyers in the absence of bearish news. Export demand continue to fuel positive momentum, with the uncertainty of South American production and weakness in the US dollar serving as supportive influences on prices, says Chad Henderson, analyst with Prime Ag Consultants. The need for soy prices to remain competitive with corn and cotton to secure enough 2012 acres to maintain adequate supplies buoyed prices as well. CBOT March soy ended up 4 1/2c to $12.76 3/4/bushel.
Soybean Meal/Oil (Source: CME)
Soy product futures end mixed, with soymeal garnering support from traders taking profits on long soyoil/short soymeal spreads. The markets consolidated from recent spreading action, as traders shed risk before the end of the month, analysts say. CBOT March soymeal ended up $1.60 to $332.90/short ton, and March soyoil finished down 0.02c to 54.20c/lb.
Palm oil slips on concerns of slowing growth
SINGAPORE, Feb 23 (Reuters) - Malaysian crude palm oil futures edged down as optimism following a bailout deal for Greece faded and investor concern about slowing global growth curbed commodity demand, although losses were limited by recovering palm oil exports.
"Right now the market is tracking external markets and not so much on crude palm oil fundamentals, which are not too bullish or bearish," said James Ratnam, an analyst with TA Securities in Malaysia.
Paraguay could triple soyoil output, exports in 2013
BUENOS AIRES, Feb 22 (Reuters) - Paraguay, the world's fourth-biggest soybean supplier, could triple its production and exports of soyoil next year when two large processing plants come on line, industry analysts said on Wednesday.
The South American country, which currently exports most of its soy as raw beans, could crush up to 4 million tonnes in 2013 when Archer Daniels Midland , Bunge and Louis Dreyfus are set to start operating their factories.
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