Sep soyoil slipped 0.34 cent to 38.14 cents per pound, and Sep soymeal dipped $3.50 to $294.70.(Source: CME)
Malaysia July 1-20 Palm Oil Exports Likely Down 3%-4% On Month(Source: CME)
Malaysia's palm oil exports during the first 20 days of July will likely be 3%-4% lower than in the June 1-20 period at 877,000 metric tons, trading executives said Monday.
Cargo surveyor Intertek Agri Services estimated June 1-20 exports at 906,321 tons, while SGS (Malaysia) Bhd. put the figure at 914,849 tons.
Both surveyors will issue July 1-20 palm oil export data Tuesday.
China, Argentina Soyoil Spat Won't Escalate -Eurasia Group(Source:CME)
Argentina and China failed to resolve an ongoing dispute over soyoil during President Cristina Fernandez de Kirchner's visit to China last week, but the issue isn't likely to escalate, Eurasia Group said in a report over the weekend. China stopped imports of Argentinian soy oil in April in retaliation after Argentina imposed anti-dumping measures on some Chinese industrial exports.
Neither country is in a hurry to resolve the dispute, Daniel Kerner, an analyst at the Washington-based group, said.
"Beijing has already replaced imports from Argentina, leveraging its surplus of soyoil and purchasing soyoil from Brazil and the United States, the latter for the first time since April 2009."
Argentinian soyoil exporters have also begun to shift away from China, finding other markets such as India, which now accounts for 44% of their soyoil exports.
The dispute is unlikely to escalate, Kerner said.
The two countries agreed to expand commercial ties during Kirchner's visit, with China agreeing to finance $10 billion in rail projects in Argentina as Chinese companies show growing interest in Argentina's energy sector.
Argentina is the world's largest exporter of soyoil and accounts for almost 80% of Chinese soy oil imports, Eurasia Group said.
But overall, Argentina is a minor trade partner with China.
Kerner said that 6% of Argentina's total outgoing shipments last year went to China, while exports to Argentina were less than 0.5% of China's total shipments.
Palm ends up 0.2 pct on hopes of lower stocks, weather
JAKARTA, July 19 (Reuters) - Malaysian crude palm oil closed up as expectations of lower stocks due to strong demand offered support and as concerns that erratic weather may cut rival soybean yields.
"Weather in the U.S. and an expectation of lower end-stocks because of strong demand and lower palm oil yield, pushed the market up in late session," a trader in a local-brokerage firm in Kuala Lumpur, said.
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