Soyoil futures rallied to multi-month highs, propelling on spillover strength from soybeans, technical buying and optimistic outlooks for demand amid European crop concerns, analysts said. Nearby contracts set 5-month highs, while the new crop most active December futures set a 7-month high. December soyoil settled 0.42 cents or 1% higher at 42.10 cents per pound.(Source : CME)
Festive demand, weather boost palm oil to four-month top
KUALA LUMPUR, Aug 4 (Reuters) - Malaysia crude palm oil futures hit a four-and-a-half-month high as expectations of festive demand and weather concerns worldwide lifted sentiment.
"Traditionally, seasonally harvesting is going to slow down due to the fasting season (the Muslim holy month of Ramadan), so I believe in August production may go down a bit," said a trader with Kuala Lumpur-based foreign brokerage.
India's festive vegoil imports to rise 10 pct-trade
NEW DELHI/KUALA LUMPUR, Aug 4 (Reuters) - India's festival demand for vegetable oils may rise 10 percent to 2.25 million tonnes from a year ago as prospects brighten for Asia's third largest economy, Asian traders surveyed by Reuters said.
But an improving monsoon and farmers holding huge local oilseeds stocks may weaken the pace of imports for the world's No.1 buyer of vegetable oils.
ADM building soy processing plant in Paraguay
CHICAGO, Aug 3 (Reuters) - U.S. agricultural processor Archer Daniels Midland said on Tuesday that it was building an oilseed processing plant in Villeta, Paraguay, with the capacity to crush 3,300 tonnes of oilseeds a day.
The plant is scheduled to be completed by 2012 and will expand ADM's South American oilseed crush capacity by more than 25 percent, ADM said.
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