Last look Malaysia FCPO dropped 2.77% @ 3301 following major commodities sell down as US Dollar rebounding stronger.
Soyoil futures rallied to new highs for the current uptrend in prices, climbing to new 26 month highs. Spillover support from advances in soybeans and supportive global demand outlooks served as the catalyst to underpin prices, analysts said. Soymeal futures ended higher, influenced by gains in soybeans, but advances were capped by active soyoil/soymeal spreading, traders said. CBOT Dec soyoil ended 1.08 cents of 2% higher at 55.03 cents a pound, while December soymeal traded $2.70 or 0.8% higher at $358.10 a short ton. (Source: CME)
Palm hits new 2-yr high on external markets, weather
KUALA LUMPUR, Nov 11 (Reuters) - Malaysian palm oil futures hit fresh two-year highs as traders took positions on cues from upbeat global commodity markets and fears of heavy rains affecting output.
"External markets are giving Malaysian palm oil the strength to move upward and I believe the price could surge above 3,600 ringgit," said a trader in Kuala Lumpur.
Palm body finds 25,000 small farmers to be eco-friendly
JAKARTA, Nov 11 (Reuters) - An industry body that set up green standards for palm oil has found 25,000 small farmers supplying the vegetable oil to bigger corporations to be committed to preserving forests, a key official said on Thursday.
The Roundtable on Sustainable Palm Oil (RSPO), a grouping of planters, green groups and consumers, has formulated an audit system over six years for green small farmers that make up 30-40 percent of total global output of about 45 million tonnes.
Paraguay soy crushing industry starts to take off
ASUNCION, Nov 10 (Reuters) - Paraguay should be able to triple production of soyoil and soymeal by 2012 when two large new crushing plants are due to start operating, the head of an industry group said on Wednesday.
Soy production has surged in recent years in the South American country, which is the world's No. 4 supplier of soybeans though it trails far behind neighboring agricultural giants Brazil and Argentina.
Brazil soy crop forecast unchanged, cotton increased
SAO PAULO, Nov 10 (Reuters) - Brazil's crop supply agency Conab maintained on Wednesday its estimate for a near record soybean crop in 2010/11 while raising its forecast for cotton to what would be a new record.
Although the top end of Conab's soybean crop estimate would surpass last year's record crop of 68.7 million tonnes, the agency said it expected 2010/11 output to be slightly below last year.
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