Soyoil recovered after slipping in earlier trading on spillover pressure from steep losses in crude oil, a trader says. The USDA announced a sale of 40,000 tons of U.S. soyoil to China, but it was seen as "kind of a confirmation, not any real new news," a broker says. CBOT July soyoil closed up 0.15 cent at 36.90 cents per pound, and CBOT July soymeal climbed $7.40 to $289.70 per short ton.(Source: CME)
Technicals, economy concerns drag palm oil to 7-mth lows
KUALA LUMPUR, June 11 (Reuters) - Malaysian palm oil futures on Friday fell to more than seven-month lows as investors took profit due to palm oil's premium to rival soyoil in cash markets and concerns over Europe's debt crisis.
"There was some long liquidation because the technical picture of palm oil looks weak. It has been at a premium over soyoil," a trader in Kuala Lumpur said.
India's May vegoil imports seen down 26 pct y/y
NEW DELHI, June 11 (Reuters) - India's vegetable oil imports in May probably fell 26 percent from a year ago on lower domestic prices and a drop in demand, as customers moved away from fried foods to beat the sweltering heat of the summer months, a Reuters survey showed.
Traders said high temperatures, three to five degrees above normal, in May slowed consumption demand. Use of vegetable oil for cooking purposes usually wanes in summer.
Argentina soy crop seen at record 55 mln T
BUENOS AIRES, June 10 (Reuters) - Argentina's 2009/10 soy output will reach a record 55.0 million tonnes due to favorable weather conditions, Buenos Aires Grains Exchange said on Thursday, raising its forecast from 54.8 million tonnes.
Argentina is the No. 3 global exporter of soybeans and the top supplier of soymeal and soyoil, but a drought brought output down to 32 million tonnes last season.
Argentina soy crop seen at 55 mln T-grains exchange
BUENOS AIRES, June 10 (Reuters) - Argentina's 2009/10 soy output is estimated at 55.0 million tonnes, above the previous estimate of 54.8 million tonnes, Buenos Aires Grains Exchange said on Thursday.
The exchange held its estimate for the corn crop at 22.2 million tonnes and also maintained its outlook for 2010/11 wheat plantings at 4.2 million hectares (10.4 million acres).
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