Soyoil futures rallied, rising to a one-week high on a combination of strength from soybeans, broad-based speculative buying and spillover strength from rallying energy prices, analysts said. Crude oil influences soyoil due to its use in making renewable fuels. December soyoil settled 1.00 cent, or 2.7%, higher at 37.69 cents per pound.(Source: CME)
Palm falls 1.35 pct on output, demand worry
JAKARTA, July 7 (Reuters) - Malaysian crude palm oil fell 1.35 percent on Wednesday, its fourth day of losses in five, as investors were concerned higher production may overwhelm already slow demand and lead to higher inventories.
"The market retreated from a firm opening. The upside is limited with better production level," said a trader in a local brokerage firm in Kuala Lumpur.
India June oilmeal exports dip for 8th straight mth
NEW DELHI, July 7 (Reuters) - India's June oilmeal exports slumped 20 percent from a year earlier, falling for the eighth straight month, on low domestic crushing and reduced demand from southeast Asia, a leading trade body said.
India's oilmeal exports declined to 158,750 tonnes in June from 197,593 tonnes a year earlier, mainly due to lower demand from the leading importer Vietnam, the Solvent Extractors' Association of India said in a statement on Wednesday.
Argentine taxes cloud sunflower outlook -farmers
BUENOS AIRES, July 6 (Reuters) - Farmers in Argentina, the world's No. 2 sunflower oil supplier, will likely sow more sunseeds this year after last season's poor harvest, but they say the government must encourage plantings by cutting export taxes.
Growers in the South American country harvested a meager 2.3 million tonnes of sunseeds last season, accounting for just 7.5 percent of global production and way below the 3.6 million tonne average of recent years.
Argentina hopes China soyoil row to end in months
BUENOS AIRES, July 6 (Reuters) - Argentina hopes to reach an agreement with China to end the Asian nation's freeze on Argentina soyoil imports in the next few months, Agriculture Minister Julian Dominguez said late on Monday.
A government spokesman said late last month that Argentina had already reached a deal with China to end the two-month-old dispute, but traders were skeptical and said no new shipments had been loaded.
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