Thursday, March 22, 2012

20120322 1015 Soy Oil & Palm Oil Related News.

Indonesia Raises April CPO Export Tax To 18% From 16.5% -Official
Indonesia Raises April palm olein Export Tax To 9% From 8% -Official

Soybeans (Source: CME)
US soybean futures end higher, rebounding from declines seen so far this week. The combination of a strong demand base, declining South American crop estimates and the uncertainty of 2012 US acreage underpinned prices as the market got back to the theme of buying beans on fear of losing acreage in 2012 to other commodities and assumptions that strong China demand will tightening US supplies amid next week's USDA reports, says Mike Zuzolo of Global Commodity. CBOT May soybeans ended up 10c at $13.55/bushel.

Soybean Meal/Oil (Source: CME)
Soymeal and soyoil followed soybean futures, climbing on supportive demand outlooks. May soymeal rose $4.20 to $369.80/shot ton and May soyoil gained 0.05c to 54.38c/pound.

Palm oil falls for 3rd day, demand caps losses
SINGAPORE, March 21 (Reuters) - Malaysian palm oil futures eased on Wednesday, tracking broader commodities markets such as crude oil which was hit by a supply pledge from Saudi Arabia, but losses were limited by an upbeat demand outlook for the edible oil.
"The market's down a bit and it's more on a correction after a rally for nearly three weeks. Because most of the commodities were under pressure yesterday, including crude oil and soybean oil, so palm oil was not spared even though exports were good," said a trader with a foreign brokerage in Malaysia.

China H1 soy imports seen up 25 pct on year-CNGOIC
BEIJING, March 21 (Reuters) - China, the world's top soy buyer, will import some 29 million tonnes of soy in the first half of the year, a quarter more than the same period last year, due to strong demand from animal feed producers, an official think-tank said in a report.
The imports are just over half the 55 million tonnes of soybeans China is forecast to import this year from global suppliers. Last month, a Chinese trade delegation signed deals to buy a record 13.4 million tonnes of soybeans from the United States.

Oil World sees larger 2012 Canadian canola crop
HAMBURG, March 20 (Reuters) - Canada could harvest 15 million to 15.4 million tonnes of canola (rapeseed) in 2012, up from 14.4 million last year as a record area is likely to be sown with the oilseed, Hamburg-based oilseeds analysts Oil World forecast on Tuesday.
Canadian farmers are expected to react to high canola prices by increasing their sowings, Oil World said. Canadian canola futures touched a new six-month high on Monday.

Oil World cuts Brazil, Argentine soy crop forecast
HAMBURG, March 20 (Reuters) - Hamburg-based oilseeds analyst Oil World said on Tuesday it had cut its forecast of Brazil's 2012 soybean crop by 1.5 million tonnes to 66.5 million tonnes compared with 75.3 million tonnes in 2011 because of drought and crop fungus.
Oil World also reduced its forecast of Argentina's 2012 crop by 0.5 million tonnes to 46.5 million tonnes, down from 49.2 million in 2011.

No comments: