Palm oil extends gains, tracking stronger soy
JAKARTA, June 2 (Reuters) - Malaysian palm oil futures extended gains for a second day as firmer prices for rival soyoil sparked some short-covering, traders said.
"Higher vegetable oils supported palm oil" said a Kuala Lumpur-based trader, adding that the market was "holding up quite well considering (the fall in) crude oil."
US soybean plantings rise amid good weather
WASHINGTON/CHICAGO, June 1 (Reuters) - U.S. soybean plantings soared in the latest week to 74 percent, matching analysts' expectations, as farmers took advantage of summer-like heat in much of the Corn Belt, the government said on Tuesday. Soybean seedings rose 21 percentage points from a week ago, said the U.S. Agriculture Department in its report for the week ending on Sunday.
Indonesia says won't revoke existing forestry licenses
YOGYAKARTA, Indonesia, June 2 (Reuters) - Indonesia won't revoke existing forestry licenses for palm oil firms as part of a deal with Norway to preserve rain forests, a government minister and industry official said on Wednesday. Chief Economic Minister Hatta Rajasa told reporters that the government had no intention of limiting the expansion of the $15-billion Indonesian palm oil industry, although it was committed to slowing deforestation.
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